I like pepper from the pepper shaker in the latest "what is this part" post on my popcorn.
But in all seriousness, You can run without a fender, I wouldn't, you'll end up with a streak all the way up your headlight, all up under your gauges, all the way along the top tube under the tank, all over your face etc. point being, if you hit rain it's a #$%* to clean.
People always talk about the stability issue, and while I haven't noticed the difference in seat of the pants feel, after working on old Honda bikes for a while now I'd say that anything the engineers deemed worthy to put on the bikes is probably there for a good enough reason to keep it.