I'd make sure you're plugging it in right. I was at my college the other day and plugged it in and noticed it got really hot. After looking carefully, I noticed that the outlet installed was upside down.
As mentioned above, it's a variable that could be causing this. That's assuming you're using a North American outlet (NEMA), where the neutral blade larger than the live blade.
Ah... no. Assuming you're using the folding two blade plug, the power adapter couldn't give a hoot which of the two pins sees neutral and which sees the phase leg. All it sees is the 115VAC potential between the two blades. This type of plug is a NEMA 1-15P category plug and is non-polarized. You'll note that the two blades are the same size, meaning the power adapter can plug in in either orientation. There's no way for the adapter to tell which leg is neutral and which is "hot". In fact, if you connect a meter between the neutral and hot legs of the receptacle, there would be no way to tell which is which without using the ground leg for reference. All the meter sees is the 115VAC potential between the legs - which is what the power adapter sees.
The power cord that attaches to the Apple power adapter is a grounded NEMA 5-15P and is compatible with a NEMA 5-15R or NEMA 5-20R receptacle. The ground pin may be connected to the power adapter "chassis" internally in the adapter but there's no measurable connection to either of the power blades. Even if the neutral and phase legs of the receptacle were mistakenly flipped, the power adapter would be none the wiser.
In any case, the orientation of the Apple power adapter in the outlet is unimportant. Either orientation is correct and neither will affect heat output of the adapter.
What DOES affect heat output is the current being pulled through the adapter. Two things affect this: power being consumed by the power/charging circuit; and voltage at the outlet. If the computer is powering external loads, like external drives, or if it's under heavy work load, the amount of power (watts) will increase. Assuming a fixed input voltage, an increase in watts increases the current (amp) draw of the power adapter. (Watts = Volts X Amps*)
As another member pointed out, low voltage at the outlet can also lead to heat at the adapter. If the power (watts) is constant, then a decrease in voltage at the outlet will yield an increase in current (amps). It's also worth noting the Apple power adapters are "universal voltage" adapters. They're rated for any input voltage between 100 and 240VAC at 50 or 60 Hz. They use a "switching power supply" design (based on early pioneering work by Rod Holt for the Apple II, by the way) which maintains constant regulated voltage output from a wide range of input voltages.
In a more direct answer to the OP's question, Apple power adapters do run "hot" if they're under heavy load. Generally speaking though, assuming you're using the 85W power adapter that came with your MBP, you probably don't need to worry too much about the power adapter being hot. They're both thermally and overcurrent protected. Don't cover them so they aren't being ventilated and don't use a MacBook or MacBook Air power adapter to power a MacBook Pro.
One thing you SHOULD look out for is fraying at the power cable at the top of the strain relief. Apple is using a much more durable insulation these days but at one point there were a bunch of problems with the cable insulation fraying. The resulting short circuits caused extreme heat with some cables actually burning. Newer power adapters will probably not have this problem.
Since this post seems to have turned into "all about Apple power adapters", I leave you with this golden nugget of information. If you're there in your dorm room and the game is on and you have a twelve pack of tall ones but not one of your jerkwad friends thought to bring a bottle opener, you'll thank me for this:
http://lifehacker.com/5907389/mac-power-adapter-%252B-beer-bottle--apples-secret-churchkey
* For those engineers reading this, yes I know: Actually Watts = Volts X Amps X Power Factor. But power factor is constant here and including it in the discussion only adds confusion.