My first real bike was a '99 vfr. I loved the bike. I had the bike for about three years, putting about 36k on it. Like my current bike, I used it mostly for commuting. I think that an 800 is a nice size -- not as rev-needy as a 600, but not as much potential (self-induced) trouble as a full 1000 or bigger.
I'm 6' and it fit very well. Though the stock seat was as bad as the fz so I got a corbin for it, too. Though it had clip-ons, the riding position was not as bad as a full-blown sport bike. Though I knew a few guys who'd swapped out the stock bars for a set of risers.
Oil changes were a little bit more work because of the fairing removal, but not a deal breaker.
The single sided swing arm is dead sexy, IMHO. It also made chain adjustments really quick and easy, same thing for removal and installation of the rear wheel -- no having to fiddle with alignment as it just bolted on.
I had one valve adjust done on it. There was a local guy who was popular with other vfr owners who did the job for me for $400. It didn't need any shims, but if it had needed them, shims wouldn't have cost but a few bucks. It was due for another check when I sold it.
There was one common issue with the vfr: the regulator/rectifier would burn out. Mine never did but I knew to be on the lookout for the symptoms. I don't know if this has been addressed or not. I'm sure a quick check of a vfr forum would net you an answer.
I think they did the make-over in '01. It got the underseat exhaust and the vtec as the big changes. The vtec also meant that it lost the gear-driven cams. The whine from the cams on the older ones is kinda cool, especially when it had a nice aftermarket exhaust on it. The thing sounds like a mini v-8...hmmmm