...I've owned 2 of these...my first 750 was a 78F, and my current daily (can't say I ride it daily, but its my standby when I'm ready to ride) is a 77F...queen seat, and vetter faring!

...so heres a good explanation of the technical differences...scroll down toward the bottom...
http://www.hondachopper.com/engine/engine_mods/modifications.html...now for the anecdotals...
Is this a popular model vs. the earlier "K" bikes?
...probably not. The 77/78 SOHC's marked the end of the "vintage" look...well actually I think it started in 76...at least with the F model. But I'd say there "value" is on par with 750's in general.
Are there any advantages / dis-advantages to either models?
...*some* of the F models had a defect where there was premature wear of the values/valve guides at around 20K miles. I've never actually seen any documention that included engine numbers, although I've heard there was a press release at some point that included the engines that had the defect. From what I understand the basic problem was a steep valve angle in the head that caused the valves stems to wear quickly. Symptoms where oil leaking past the valves, and hence lots of smoke from the exhaust. Never seen the problem on either of my bikes.
Are they both desirable? Is it a more, or less, collectible model in the series?
No, no more than any other 69-78 SOHC...well not as much as a sandcast...but you get the picture.
Any first hand information would be appreciated.
...I like'm! Technically the put out slightly more horse power, and I've always felt the 77/78 models (K or F) were the pennicle for technology and engineering for the SOHC's, so they are solid mills.
Of course like all the 77/78 models, they use the later model carbs, which some ppl don't like. The later carbs is all I use in stokers and chops regardless of the year.