Wetness to me is a double edged sword...
I've hard girls that barely get wet and sex must be taken slowly, and others (my current included) that get slick wet from just touching certain areas of the body. I absolutely love it when she gets wet, I take it personally as a sign I'm doing well which makes me feel good.
However... while her getting completely drenched IS a compliment, it DOES reduce sensation, especially if a condom is involved. I know that if I spend 30-60 minutes just fingering, licking, and kissing her she'll go from tightly sealed to opening wide like a flower. Unfortunately when it comes to sex at that point there's little to no pressure anymore around the penis (because everything is so thoroughly lubed) and while it feels good it doesn't feel even remotely as good as sex would if she had a regular amount of wetness to her. It takes a lot longer to orgasm because that rubbing sensation is all but softened out. Sensation is also gone for her as well. Wearing a condom and having her that wet means there's basically no feeling at all.
Of course, that's only the standard missionary position, having sex from behind can tighten everything up even though she's that lubed. You could also theoretically remove the penis after a few thrusts and rub it against her leg or a blanket to remove some of the excess lube, but I'm not sure what that would do for the mood
