Those of you blessed to be living in California have wondered about the large octopus attacking the side of the VTR engine. Sure is pretty, eh? Last I heard, motorcycles are only required to pass SMOG for the first three years or three thousand miles, which ever comes first. They are certified from Honda to pass as they come out of the factory, but currently California doesn't require retesting of vehicles, as they do with cars. And of course, it can be removed for "race-track use".
First, there is no performance difference if the emission equipment is removed. The main use is injecting air into the exhaust headers after the cylinder has fired so it has no effect on jetting. The big canister is filled with charcoal to absorb fumes from the gas cap and carb. Realistically, one little old lady in a '72 Caddie (I think her name is Mertle) dumps more fuel overfilling at a gas station than these bikes could ever vent from the cap.
Two Brothers Racing sells a "kit" to block off the PAIR system on the cam covers. It includes all of two plates, a sticker, and the cardboard wrapper. New gaskets would have been nice, let alone instructions. You don't really need any new parts or bolts, though, just some free time.
The gas tank and airbox have to come off. The carbs can stay in place and the front inlet can be reached through the front of the fairing. The inlets on the valve covers unbolt and the new plates fit right in place. Then remove the canister and its brackets. Trace its hoses back to the carb and plug the holes. The airbox will still have vents to the atmosphere but several hoses will come off the carb. There is a vacuum hose that goes to each intake manifold, one goes to the petcock so it opens when the engine is running. Make sure these remain in place but most every other hose can be removed. If a hose is pulled out, remember to plug the hole. Most bikes that pop under trailing throttle (like coasting to a stop) have an air leak from an open air fitting or an exhaust leak. While the airbox is apart, go ahead and check your filter
If all the proper hose are removed, you won't notice any difference while riding. It just helps to remove 15 pounds of crap and helps make the engine look more normal. I also think it has better crash survivability since a simple low-side could grind a hole through a hose and simulate all kinds of weird jetting problems. The remaining parts are good for throwing at the neighbor's cat.