So I picked up my 1199S ABS today and the dealer had a copy of a letter/bulletin from Ducati on the subject of the smoke, I guess this has been discussed enough to warrant a formal response from Ducati.
As letter was a dealer communication the dealer couldn't let me have a copy or I would have posted it here. However, after an (insulting?) paragraph telling the dealer how to talk to the customer, the substance of the letter was that there's nothing to worry about and the bikes will use a bit more oil, and hence smoke a little, while running-in. It said this should stop during the run-in period.
It also went on to say that the oil level should be checked roughly every 150 miles during the initial run-in (first 1000kms/600miles). Contrary to some previous posts and dealer advice, the oil must be checked when the engine is COLD and the bike is level - not on the side stand. If you can't see oil in the upper half of the inspection window between the upper/lower level lines, it doesn't have enough in it and this is consistent with the owner’s manual. BTW the inspection window is really hard to see and is buried below the faring. Oil (in UK) is Shell Advance 4T Ultra 15W-50 or 15W-40, I suggest you pick-up a bottle when you pick up your bike.
I've watched the exhaust carefully when starting my bike today (just 62 miles so far) and I've seen no smoke at all, although the dealer said it smoked quite a bit when they first started it.
Hopefully this will put a few worried minds at rest.