Hi, James
I'll take a stab at this. If your buddy likes the looks of the '02+ VFR, he's over the hard part !
Other than the visual presentation, which is an acquired taste, the main difference between that model and the previous generations is the VTEC variable valve timing, which some say provides a 'rush' at 7000 rpms. The bike runs on 3 valves per cylinder for increased torque at low rpms until the system kicks in, at which time you get the full 4 vpc.
It's a complicated system, and somewhat more expensive to maintain than the gear-driven cams that were ( with the sss) the hallmark of the VFR for the previous 12+ years. Haven't heard anything that would suggest they are less reliable. The standard linked brakes are very strong, and I personally don't know why anyone would go for the increased weight and complexity of abs, unless they lived in the pacific northwest or just rode in the slick conditions all the time.
All VFR's suffer from a weak R/R, the new ones less so than the previous generations.
The new bikes have factory hard luggage available, if that means anything.
I own a '92, which is beautiful, comfortable, versatile, non brake linked, and porky. If I were to buy another, I'd get a '98-01, which was the lightest and strongest version. All kinds of aftermarket performance and sport-touring mods are available, check out dynamohumm, and the many vfr oriented lists mentioned previously in this forum.
If you could only have one do-all bike, this would be a good candidate.