Your bike will take more abuse than you can throw at it, trust me. They were DESIGNED to be taken to the rev limiter and you could ride it there if you wanted to. You wont have engine problems per se', but 'ragging' on it shortens the life of chains, sprockets, and other wear items like clutches and cables depending on how it is exactly your beating on it. But shit, if it breaks it needed upgrading anywho

Bikes are a LOT like women man, ride 'em HARD and run 'em ragged, but make damn sure you treat them well and they'll let you continue to do the things above