So my question is this: is there some circuit where if there is no power the bike will turn over but not fire? (And this doesn't even sputter or smell or anything). And I can't hear if the fuel pump kicks in or not because the brake servos make too much noise in those first few moments to tell...
Besides the note from JZEILER that is the most probable (lack of fuel pressure caused by damage / disconnect hose inside fuel tank) there are 2 other cases where the starter will turn, but nothing will happen (no firing event , no injectors event).
These are much less probable, so you should ALWAYS investigate the hoses inside tank first.
1) System does not see NEUTRAL light signal, side-stand is Down, and you pull the clutch lever (starter engages, but nothing will fire)
2) You have used GS911 to set system in mode to check Hall-sensor ignition trigger, BUT failed to complete the procedure to the end.
BY THE WAY, to help troubleshoot fuel-pump priming after ignition ON, always do it like this:
A) Ignition OFF, Kill switch to NO-START (left or right side), side-stand UP, Neutral
B) Turn Ignition ON, wait 6 seconds (you will hear the ABS servos self check for 2002+ models)
C) Move kill switch to CENTER position - immediately you should hear fuel pump priming for 2 secs.
D) In addition to pump priming, you should see the RED engine temp warning on dash (before starting engine).