Hell do not be afraid of the water. I too have rode more than a few times in the rain. Sometime in very heavy rain for many miles. 95% of the time I had no problems, the few times I have it was just a dancing light due to tach board getting wet.
That said, it has been a long time since then and I have taken a few steps, like most to improve the protection (die-electric grease, sealing PCB board, etec). Also I do wash it for even though most of the time it is just a good wipe down with mico cloth and detail spray, after a good ride in rain or over some crap roads, would rather hit it with the S-100 and water verse taking the chance of scratching any more than possible.
Many folks have gone with the billet being chromed and to each their own. It is easy to clean and gets nice and brite, but the billet will not pit and can be repaired allot easier than chrome. PLus it gives one quality time with the Dog just like an Dog lover should give to their dog.
If I am not mistaken, Raywood has just came across many miles of this nation including many miles in the rain. I have not heard any issues with water on his yet, hopefully he can chime in and fill us in on that aspect.
Oh there is no question on Sul riding in rain, or for that matter up dusty gravel roads also, same for Hoat, Thumper, Alicat, Chacha!