I bought mine in August of 04, and I've replaced both the front and rear fenders within that same year due to rust spots under the clear coat - then I wasn't able to ride it for a while so it went untouched in a covered climate controlled garage in South Florida (figured that would be the safest bet).
Now that I've moved back to NY, I am getting it ready to roll again and notice the front fender has another rust spot under the clear coat. The clutch and brake control on the handlebars has pitted and the chrome is peeling away, the exhaust has little rust speckles over both pipes, the top caps for the front forks are flaking off chrome. I called the dealership to see if it was still under warranty - Nope.
Honestly, I grew up loving H-D, but you definitely do not get what you pay for. Once I get this beast fully paid off, I'm going back to a Yamaha 1100 V-Star Classic. Just as nice and not as harsh on your pocketbook if something goes wrong.
For the record, I owned a 650 V-Star prior to the Harley, and never once had problems with any of it. Change the oil, keep it maintained and it'll ride like new for forever. For what I paid for the Fatboy, I could replace a V-Star 6 times over.
If I could do something about it, I would.