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I have this '86 VF500F Interceptor
DSCN0731 by Sean Barney, on Flickr
Accelerates well, handles spectacular, I love it. Comfortable but still slightly aggressive ergonomics and the 700 is gonna be more comfy because it's bigger. There are several significant differences to the '85 700 in question but lots is the same. These V4's are crazy complex, but like most Honda's they are very well engineered. You will look at it and say "how am I ever gonna work on that" but amazingly it all comes apart and goes back together again like any other bike. That said, DON'T take the carbs off the rack. We are talkin' 2 downdraft and 2 sidedraft alternating along the rack, which doubles as half the airbox.

more and better info here
Earlier VFRs - VFR Discussion
 

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oh yeah, and at least for the '86 500, parts are getting REAL scarce. I think the earlier 700 is a little better, but some stuff is just NLA. And I am talking about stuff that you will need like valve cover gaskets and shit.
 

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I'll sell you my 86 500cc running no title with new in wrapper cylmers manual for $600. I'm not going to get to it any time soon....Need the room.
 

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I have this '86 VF500F Interceptor
DSCN0731 by Sean Barney, on Flickr

When I was first getting into bikes, I wanted one of those in a big way. Never did get one though... A year or two ago I looked into getting one for a track toy but people in the know discouraged that idea.
 

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For 600 with title, go for it. Replace the wheels with CBR600F2 wheels and get a rear shock. That is all you will need for a fun street bike. I raced the Interceptor 500 back in the day and they were very easy to go fast on.
 
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