I'm not the most experienced member of this forum but as a relative newcomer I can identify with the learning curve. Owners of the so-called sixth generation bikes (2001+) which introduced the Vtec might disagree with this but some of us prefer the earlier bikes because a) they don't have Vtec because it adds complexity which adds to servicing costs b) because the V-tec, especially in its first incarnation, introduced a noticeable step in the power delivery at 6-7000rpm and c) because it did away with the gear-drive for the cams, reverting to the more usual chain drive.
The gear-driven cams on the fifth gen (98-01) add a distinctive whine to the frankly unbeatable sound of the V4 engine, reminding you always you are riding something special. Honda added them to the previous generation of this engine as they had problems with an earlier cam chain. As a result, together with their nikasil (or something) plated bores these engines achieved legendary reliability. There's an apocryphal story of an English courier rider who bought a VFR and clocked up 400,000 miles on it before it needed a rebuilt. He thought that was pretty good going so he got another one and did 470,000 on that one... Mileages vary depending on who tells the story. On the downside, some people strike problems with the regulator/rectifier failing and killing the battery or sometimes even more expensive bits, which would be annoying, especially if you were far from home. Honda tends to regard reg/recs as a consumable item. There are a variety of fixes or preventative measures around - see the threads on here about it - but the simplest seems to be replacing it with a newer, more robust item.
Sometimes this bike is criticized for being heavier than others of a similar vintage with similar power but I for one like the planted feel of this bike. The V4 layout means it has two cylinder heads, two radiators, two exhaust manifolds and double the plumbing, and a centre-stand (well worth having), so we shouldn't begrudge its few extra pounds but I think it also reflects the extra Honda quality. Most bikes of this age show signs of aging yet my bike, and others, are regularly mistaken for brand new. Given just moderate care - cleaning, basically - Honda's alloy frame and fastenings just don't seem to oxidise like those on other manufacturers' machines.
The bike is definitely not short of poke, and the power delivery of the V4 is wonderfully linear, even in standard trim. Some owners play around with fuelling and remove some bits and bobs as emission regulations have encouraged all manufacturers to add sensors and gubbins that lean off the fuel mixture at the known measurement speeds.
Some say, and I won't argue, that the fifth generation is the best version of the best bike ever. It's good at everything - touring, commuting, travelling two-up, sports riding and even track days. As someone else put it on here, it's not the best bike at any one thing, except being the best at being nearly the best at everything.
I'd also advise scanning the net. There are lots of reviews out there of all the different models, some contemporary but also quite a few retrospective, showing how well it has aged, how advanced it was at the time - singe-sided swingarm, brilliant headlight, good gauges etc - how it now represents excellent value for money, and even how well it performs against modern competition.
Some might say it's a good bike to learn on - it's a great performer with abilities far beyond average riders, no vices, a brilliant soundtrack and it will teach you how to ride. Whether you then see any point in moving to another bike is another question.
ABS is undoubtedly a good thing, but not essential.
Enjoy the immersion.