The 02 fazer sounds like the exact same deal as mine, if its in that condition then it will fly through the mot.
Can't comment on the 07 version but people will shortly.
I have not had a single problem with my 02 fazer, just consumables, in fact when i bought it the only problem i had was that it only had 6000 miles on the clock, it needed to be used. this was in 2010.
I believe but people will no doubt correct me soon that the 02 version is one of the best.
Hopes this starts to help.
Nick