Had our local club ride today, 4 of the bikes were FJR's.
'03 with 26K and fresh valve adjustment was 'quiet as a tomb', maybe quieter. Owner claimed his sounded like mine before the adjustment.
'05 with 6K miles sounded the same as above.
'05 with 21K miles was making fairly loud valve train noises from the left side.
'05 with 14K miles (mine) was about 2/3 rds as loud as the bike above.
Mine has 'knocked' a couple of times on start-up but the noise abates when the high idle kicks down. A couple of weeks ago, mine was making a racket that was very loud and quite disturbing. Especially when running from 2,500 to 3,500 rpm.
Has been running fairly quiet since that episode so, who knows?
Makes me glad I bought the YES plan, I tells ya!