I've had two VFRs and they are excellent machines, and a lot of character for a Honda. However, check out the servicing costs.... VFRs are more expensive if you're doing a lot of miles as the valves need checking more often. The single sided swingarm is a major twat if the adjuster seizes too.
Obviously, the Fazer is somewhat more powerful but the handling is not quite as good, the riding position is more upright but the VFR has a full fairing and the Fazer is better built even though it doesn't seem like it. It feels cheap compared to the VFR, but apart from the EXUP they go on for miles with oil and filter changes only. I just checked the valves on mine after 100,000 miles and they're all in spec. That's 100,000 miles without a single valve going out of spec. Discs go for that distance, as do the swingarm bushes if lubed. And the Fazer is a doddle to work on compared to a VFR.
If Honda had bumped the VFR up to 1000cc I'd have bought one in a blink of an eye, but it just got left behind as a weird middleweight whilst all us old fogeys got on with litre bikes. I test rode the Kawasaki 1000sx and Multistrada 1200 a couple of years ago... neither would make me get rid of the Fazer.
I dunno, it's a tough one, but as alway, ride both and one will stand out. I do love V4s though. I followed a red pre-VTEC 800 out of London this evening, loud pipe blaring away, and I was jealous...