The process is twofold. It keeps the electronics dry and in good working order, but mostly, it's for stopping the carburetor gumming up with old gas. The new gasolines (Here in Ca. its horrible), even with a fuel stabilizer like seafoam or stabil, will start to dry out pretty quickly and block the pilot jet of the carburetor. Sometimes, it only takes a few months.
I suggest starting the generator and running it for 10 minutes or so to warm the oil, then change the oil. You should be good to go for the rest of the season. If your owners manual states to exercise with a full load, then that's what I would do. I run mine with a light load because that is what I have on hand. I don't believe it's good to run them without an electrical load but couldn't tell you why. I run mine once a month for about half an hour.