I ran my 750 without fenders. Never a problem. Don't recall if I removed the front bracket or just the fender.
Of course, I live in SoCal, so wet weather isn't really a concern. Riding in the wet without a front fender is probably kind of miserable. As for the back, well, take a look at pretty much any modern sportbike that's been on the road for more than 48 hours, and you'll notice there is no more rear fender. That I'm aware of, no one has yet been killed by this practice, so I think you're probably safe.