its not common to your bike in particular, second gear is the gear which is under the most stress, and it takes the most beating, of all of the gears, so it tends to be the one that goes out. if it does get it fixed, because your now missing teath on that gear, and guess where those teeth are at yep laying just below all the rest of your gears and they could possible get bounced up into them and bind something up. at a min they have worn down and you have alot of metal shavings in your oil which are going to be cirulated around through stuff. change your oil and check out the metal in it. i know in a 1100 with a 5speed the next gear to go bad is 5th its on the same shalft as 2nd.
the big problems is that inorder to fix it you have to pull the motor completely apart to do it, and yep can you hear the money flying out of your wallet. i think on average it will cost around 4 to 8 hundred bucks to do it. ooh and dont go cheap the mechanic either, i did and my bike was down 2 years after that a$$ fixed it. it leaked like a siv to, so im hear to tell you go to the place that has a waiting list from all the people that want him to fix thier bikes. or a guy who builds motors, and no selling of bikes, why because his whole reputaion and business is built onthe quality of work he does, so he has to do good work, or the word will get out, and he will lose customers.