If it runs well and does not use oil then look after it and it seems the older ones have done 100,000 miles, bearings on swingarm and wheels will probably be the wear points.
If my 108k Gen 1 is anything to go by, it'll be rear shock, fork pitting, EXUP valve, cables and the white main wiring connector, in that order. For whatever reason, my discs and rear suspension linkages are absolutely fine, even after being ridden through 12 full winters. It has a hugger, of course, and I only use genuine Yamaha brake pads and I can't stress the importance of that last point enough if you're going to keep it for a long time.
Apart from the dodgy finish typical of most jap bikes, I reckon Fazers are astonishingly well made and reliable. If I bought a new one, I'd strip it down and get it repainted properly, replace the white main wiring connector, fit fork gaiters, then douse it in ACF50 and then enjoy another 12 years of great biking.
Also, Nick Sanders rode an R1 round the world via deserts and mud holes with no problems. I've even see the bike and I'm sure it would clean up fine.
I'm not sure why I shouldn't expect an R1 to do that, besides the fact that deserts are not where you'd find sports bikes, but Yamaha make a reliable bike, and having had many Hondas and Kawasakis, all of which rotted their exhausts/linkages/discs, I think they're the leaders in longevity. I know everyone goes on about Honda quality, but I just don't see it. Maybe it's the slightly thicker paint....