The under-eave dryer vent on my new house is pointed back towards the side of the house (instead of straight down, away from the house, or to one side). As a result, warm moist air is blasted at the siding directly under the soffit whenever we run the dryer. Is there any reason to be concerned about this (the moisture somehow getting through the siding and house wrap into the wall, steam entering attic through the little holes in the soffit, etc.)? I've never seen an installation like this and am having trouble finding any information about it online.
I don't have any particular concerns about the fact that the vent comes through the soffit. If you were to drill out the pop rivets and reverse the deflector, then add a sheet of aluminum to block the soffit perforations, your problems mostly go away. I wouldn't expect the small amount of moisture that wanders into the soffit to be a problem.
You generally don't want a dryer vent coming through a roof, so that's not a good alternative.