You definitely should service it with some copper grease, regularly. Otherwise it has a habit of seizing up. Service procedure is documented here: http://www.cartestsoftware.com/fz1/exupmaintenance.html
the valve opens at a certain rpm. it gives you more torque at lower rpms, but allows you good top end once flow volume becomes more important at higher rpm.
I can't help with the neutral indicator light. However the fan going on while idling in neutral is normal. It operates on a timer. As you noted, it switches off as soon as you pop it into gear. Nothing to worry about there.