I got my 96 GS in Feb.  I just noticed that the front tire rotation arrow is pointing the wrong direction.  The tire has a Chevron stripe tread pattern and appears to be in good shape.  I've put about 1200 miles on it with no problems.  Will the tire get damaged or wear faster turning backwards?

Never heard of that happening before, I think the difference is to do with clearing water in the wet. So take it easy in the rain and let us know if you have any problems, I'm kind of curious about the consequences.

No problem, just ride backwards
+1 on the wet stuff

Actually the difference has more to do with load direction than water clearance.  The front tire is loaded in the opposite direction under braking than the rear is under acceleration forces.  Tire construction accomodates this difference.

Tires that have been made for both front and rear usage are mounted one way for the rear and the opposite way for the front.  Not as common as it used to be but some of the new Roadriders are designated for both front and rear usage.

Hey there,
I'd remount that tire if I were you.
There's a reason the arrow is there.
Traction is limited to two wheels on your bike.
Be safer and fix it.
Best wishes,
Todd

I vote for remounting it correctly.  The direction is related to loading under braking.  Good luck and ride safely.

Eh, roadracers regularly "flip" both front and rear tires to get full use out of race tires, especally on tracks that favor left or right turns.
I once accidentally put a rear BT-56  on backwards on my wife's GS and she rode perfectly safe (and oblivious) on it for five or six thousand miles.

With bias-ply I ccould *possibly* see an issue with the chords being stressed but modern tires have so much extra structural capability built into them that simply running backwards won't faze them at all. About the only reason they have directional arrows at all is for the before mentioned tread and water displacement or (more likely) the tire companies spent big bucks designing a cool distinctive tread pattern and they want to make sure all your friends see it right side up.

Install a reverse gear 

+1 on what JamesG said.
I have routinely run front tires in the rear by reversing the direction of rotation, and I also have one that is mounted backwards on the maxim X right now.
I also have run on tires that have split sidewalls till they were wore out. No big deal, its just surface cracks anyway.
Cool.
Srinath.

Over here in the UK if you run a mono-directional tyre in the wrong direction on a wheel you are contravening Motor-vehicle construction and use laws because you are not following the manufacturers instructions and it could be argued the bike is not safe
Therefore:

Its illegal to use on the road.
Its an instant MOT failure.
If a clued up traffic cop sees it you will be prosecuted and tyre offences carry a max fine of £2k .
If you have an accident and the insurance co` Engineer/inspector sees it they will use it as an excuse not to pay out.
If you hurt/maim/kill someone you are in deep DEEP sh**, you could loose your license, face an unlimited fine or even be jailed as a result.

I dont live in the USA but I cant see your laws being much different from ours. If you did have an accident I am sure some clued up lawyer would use the fact the tyre was incorrectly fitted against you and try to sue your arse off. I would get it rectified as soon as possible, regardless of how the tyre is performing.