Because it's STUCK in 2nd gear...
(https://dl.dropbox.com/u/53483651/DMF/trannyfail_1.jpg)
Think I'm looking at the infamous retention spring / shift rocker arm problem. Dealer will be ordering parts kit for me shortly. Not positive it's the issue, but all the symptoms point to it. I'll know more once I get it all the way home and open it up. Not my year for 2-wheeled fun. [roll]
Could help but notice the irony of your buddies jacket ;)
(http://farm8.staticflickr.com/7118/7442236488_ece254f394.jpg) (http://www.flickr.com/photos/26792974@N08/7442236488/)
Shift (http://www.flickr.com/photos/26792974@N08/7442236488/#) by bozcorob (http://www.flickr.com/people/26792974@N08/), on Flickr
Hope it's a relatively easy fix
LOL. hysterical!