I've owned my Fazer for nearly a year now. I split my riding time between two bikes, both very different.
The Fazer has great ergonomics, the screen works suprisingly well, its a true no-fuss workhorse of a bike, happy to plod along in traffic doing the commute to work or be let loose in a frenzy of high revs along country roads, an excellent all-rounder of a bike.
Standard suspension is ok, it's capable of hustling along very quickly, its not an R1 in the handling stakes but it can hold its own for sure, and the Blue spot R1 calipers can stop it very quickly too.
One critism i do have is the front end feeling vague with little feedback, but there is still a decent amount of grip with the Michelin Pilot Road 2's so nothing to worry about.
I get 55-60mpg, reliability in 10 months/4000 miles has been exceptional. I can't fault the Fazer or how its put together, considering its age there's little to no corrosion, and the engine is a peach, using no oil at all despite being 15yrs old now. Shame the gearing(lower gears) is not longer as standard gearing makes it quite a revvy bike, but go changing the front sprocket to +1/+2 teeth and you lose all the sprightly feeling this bike has, so my advice is to stick to standard gearing, Yamaha got it perfectly matched to the engines torque curve from the factory.
Tbh, put aside the vague front end complaint and the poor headlights and you have one of the best all round bikes out there for less than £1200 you really can't go wrong. Add heated grips and a Givi top box like i have and its got everything you need from a bike. Sadly the only thing it does lack is charactor, but many IL4's do so its horses-for-courses, my Ducati Monster will always be my favourite because it has charactor and is interesting, but its not a commuter's choice, and its not a distance machine either. Fazer does both of those and more. I guess its just one of those bikes you take for granted, because it does everything day in, day out, without fuss or expense, and you only really truly appreciate it when you've sold it and then look back and realise just how good it really was!