I still have the original VR on my '03, recently replaced the connectors with the updated kit. However, the original connector had no signs of failure lurking around. The blade terminals were clean and still looked new. Had my CEL flash a couple of times, but that was due to the front spark plug wire was loose from the coil. Those flashes happened before replacing the connector. Yes, the new connector will have to be installed on the bike side of the harness.
old connector
new connector