Alright, after driving my car, I've noticed that there is quite a bit of condensation under the hood.

I'm more then certain this is because of the temp differance(It gets cold in Vegas). Am I right in that thinking?

Also, is there any danger of badness from the condensation pooling somewhere(Rust, screwing up some electronic stuff etc.?)

 

I always get condensation here in Michigan. Especially right now where it is 16 degrees at night at gets up to 40 during the day. It is normal.. So far it hasn't messed up anything for me. I have a short ram intake with an exposed air filter. No problems. When there is a lot of humidity in the air I can feel my car running a bit more sluggish than normal tho. When humidity is below 50 percent it flies =D Anything above 70 percent slows my low end acceleration a bit.