If you switch to reserve accidentally you should still get fuel. I would suggest that the electrical contact in the 'res' / 'on' switch mechanism may have had surface dirt or light corrosion on the contacts that prevented the 'res' setting being detected. By switching it multiple times you cleaned the contact and the circuit began to behave normally. (the relay may also suffer from this effect if it has not switched for some time especially on an older bike).
The fuel pump will switch off once the fuel light glows continuously for more than x seconds. I do not know what the value of x is but at startup the fuel level sensor takes about 30 seconds to stabilize.
The fuel level sensor is a 'slow' reacting switch and will take time to reach a stable switched on state i.e. low fuel light on.
If it were instantaneous the fuel relay would switch on and off every time you leaned the bike or hit a bump and the fuel level changed. You also have a limited supply of fuel in the carb float bowls that may get you and extra 100 feet down the road before the engine splutters.
hey gleno, i was re-reading this as I think you were replying to what was my first post on the forum. I actually didn't quite understand it over the summer when i posted, but also have since upgraded my vmax so its not an issue.
i do understand what you were saying now and it makes complete sense.
so basically.. thanks!