I've only heard of riders removing them when a Power Commander is installed. Just removing them alone will surely screw up the FI.
Sensor Eliminators I'm not sure if they are available for the VFR but I did find a set of O2 sensor eliminators for a guys pick up, that I work with. Basically it is a resistor that plugs into your existing O2 sensor harness that send the optimum reading for fuel mapping etc. to your ECU. In theory this is supposed to increase power & response through the entire torque curve. Because the ECU will be seeing optimum conditions @ all times regardless of what the actual conditions are.
Hmmmmm? Optimum with a resistor? Optimum changes with throttle position and ambient air condition. Taking the variable eating capability away from your FI system may make it run better within a small range of your rev band, but I doubt it will help across the board. If you want better performance across all revs you need a powercomander and some dyno time to do it right. As for the truck example above... I bet someone corred out their cat converter and put an O2 sensor eliminator after it to stop it from throwing emmissions codes and keep their check engine light off. The way to check for true stoichiometric mix is to check the products of combustion for excess fuel or O2....you're making your bike old tech by screwing with the sensor.
For the record I agree w/ Vlad(how fitting to be involve in a chat w/ Vlad the Impaler on All Hollow's Eve) The truck example was indeed a cat removal code fix & yes you are much better off to go w/ a complete Power Commander set up vs. screwing w/ your sensors. A note on the Power Commander though, buy yourself some extra O2 sensors right away. They have a habit of not producing replacements after a period of time basically forcing you to upgrade to their latest & greatest set up.