Originally Posted by
willtf
Or is it good stuff? I'll be applying more grease either way.
That greasy stuff is called grease. It's there for a reason, although it may have been applied in such a manner that there is excess on the external surfaces of your bike. As was mentioned above, the stuff on the outside is just excess, and can be safely wiped off, whereas the stuff that is on the internal threads or bearings serves a purpose. You should grease those things when building up a bike, but in some cases, it may have already been done for you.