Yeah, I only know what I know from experience here in Oz Sean, over here bikes were ridden long and hard and those 500's had a terrible reputation for self-cannibalising, but in the US where bikes don't do the same sort of mileage, there are probably some survivors like yours.
The whole VF range were suspect, not just the 1100's, the early 750's were shockers too, as were the 250's. (although to be fair they were VT's, not VF's) I'm not dissing your ride mate, if you got a good one count yourself lucky and enjoy, they might have been two wheeled hand grenades, but they were pretty. Cheers, Terry.