Now THAT looks bad ^^
Both times it has happened, the first and foremost symptom (which we chose to ignore, thought it was just Yamaha tick) was a pretty loud ticking. It was loud enough that you could hear it over the GP exhaust (pretty darn loud).
We asked around and some people thought it was louder than usual but others said it was just how an R1 sounded.
All the valves were within spec which left us clueless as to what the tick was. I guess it was a valve preparing to fail.
It seems like the best thing to do is as SOON as you hear your engine running roughly (stuttering like it's only running on 3 cylinders, rattling noise, loud clicking, etc) stop and check your plugs & pistons. See if any plugs look like they have been hit by something (your dropped valve) and shine a light into the cylinder through the spark plug hole to look for a piece of a valve, metal bits, or signs of damage.
If you catch it early enough you may get away very lucky and just have to replace a valve or two. Keep riding on it and it will first destroy your head, then your pistons and cylinders. Ours was ridden for about 15 more miles until the valve jammed the piston from moving, seizing the engine. By then the damage was too extensive on the head for any chance at repairing it, even for a machine shop.
If you do have to replace parts, I suggest looking for used parts in good condition or buying a used engine. Don't take it to the dealer to find out they want $7500 worth of OEM parts to throw at your used engine to see if they can just get it working again. A whole engine costs way less than that.
Just my 2 cents on repairs after valve problems...