I was originally fooled by mistaken reports the oil separator was a "charcoal canister."
Also, I believed the "charcoal canister" would make it far more difficult to work on my bike's carburetor.
However, after reading posts by Steve, mcmc111, and Brian, techforlife, I realized the importance of the oil separator; therefore, I repented, and reinstalled the unit.
I now believe the Honda engineers had very good reasons to design, and install the oil separator; I also believe my engine will run better with it installed.
In addition, I believe the carburetor can suck oil into the engine when the bike is running for extended periods at high speeds without the oil separator present.
I now realize if you loosen three spring clamps, the oil separator is quickly removed from the bike, permitting easy access to the carburetor.
Therefore, I can't see any
good reasons to run my bike without the oil separator.