I didn't have time to go for a ride this weekend, so I just pushed the bike out of the garage and snapped some pictures.
No, you are not seeing things, the right front brake is missing. I have ridden it over 50,000 miles that way with no problems. Stock, I found the Vulcan 750s front brakes to be very grabby. They were difficult to modulate, kind of like on or off with nothing in between. Noticing a friends Honda Magna 750 had only one front brake, while being both heavier and having more power than the Vulcan, I decided to try it out. Front brake was much better. So I decided to go with a single front brake on the Vulcan. After doing so I did extensive testing in a safe area, and found my stopping distances had not changed, I could still lock up the front wheel, just took a slightly harder squeeze. I did several stops from 100 mph to 0, holding the front wheel on the verge of lockup the whole way. I watched it for over 10,000 miles, expecting more wear, but that has not been the case. It shows no disc wear after 50,000 miles, and pads last as long as ever.
This bike has 74,269 miles on it, and runs and rides like new. Only issues were the cam chain tensioners and one clutch. Surprisingly enough the clutch was not slipping, but dragging. The friction plates had actually swollen, and were thicker than they were supposed to be. First time I've ever seen that.