GS1100/1150 alarming noises 101:
My 1100's first few gear changes after a cold start sound like a woodchipper eating a bottle. Been like that for 10 years.
You may also hear a soft, mosquito-like whine at idle when the engine's warm - that's the fuel pump. It probably does it when the engine's cold too, but I wouldn't know because of the bag-of-spanners-in-a-tumble-dryer cold idle noise.
The occasional CHA-CHUNK! from the front wheel as you get rolling from stationary is either the ABS arming/rearming itself, or your forgotten disk lock putting some hurt on your wallet.
Rolling the throttle off quickly from high speed may cause an occasional exhaust backfire, which doesn't go bang, but makes an embarassing CHUFF! noise. The first time it happened to me, it sounded a bit like all the air leaving the rear tyre in a big hurry
Once the engine's warm and you have your lid on, the GS sounds like a well-oiled sewing machine. It may not be a classically butch bike engine noise, but if you ride all day, it's actually strangely comforting.
HTH, and enjoy your new bike and learning its character!