Faults:

Two tires replaced due to age, finest rubber available ran $200 for parts.

Timing belts serviced by me, involving but not very difficult. Performed as preventative maintenance (recommended at 15k I believe). About $100 for parts.

Speedometer cable broke on a long, fast trip that stressed the part, had not noticed dry rot (natural wear from age) already there had let the lubrication leak out and the cable was rubbing inside the sleeve. Genuine Honda part was $12.35 plus $5 shipping. Extremely easy to replace. Probably not a common problem though.

This bike, and all GoldWings from 75-79, has mechanical ignition which needs to be kept in tune. Maybe once every two years, or once a year if you're fussy. This involves no parts replacement normally, just labor.

General Comments:

I've ridden this bike 170 continuous miles, keeping between 85-90 indicated mph, in the middle of the night, and I'd do it again in a second.

This is one of the finest highway bikes you'll ever find, regardless of its age. I wouldn't consider myself very tough or into the hardcore biker lifestyle, but it amazed me how easy it was to remain comfortable and without fatigue for the entire ride. I attribute it not only to the ergonomics, but the tremendously capable engine; in the first generation, it was just as smooth as the newer Wings, but had a more racy, visceral quality that brings out the monster in your right wrist.

This is not the hundred thousand-mile royal throne that later Wings are, though it can certainly do that well, it's more of a highway Q-ship for when you want to show the sport bike riders that in order to finish first, first you have to finish.