I think I know what causes most of the switch failures. I have no idea if Yamaha's recall/fix addresses the issue or not. I shared my thoughts with Yamaha a few months ago, but never received confirmation or acknowledgment of my theory. Who knows, perhaps it fell into File-13 or the lunatic owner bin.
The air flow package/fairing changes in Gen-II cause the weep hole in the bottom of the switch assembly to work "backward". Moisture and road splooge is being forced upward and into the switch. This was not so much of a problem on Gen-I because of the difference in air flow, specifically in that area.
Anyone using the switch contacts for additional electrical loads, over and above the OEM config, accelerate the failure. As dirt and contaminants combined with an increased current load quickly cook the insides of the switch.
If Yamaha is NOT replacing the bag locks to match the new switch, then I'll try to opt for taking the switch and doing the recall myself when it becomes a "must do". In the meantime, I think I have a service method that when used regularly, wards off the failure.
Like others, I've been using electronics cleaner from auto supply stores to flush the switch assembly. I then follow up with silicone spray, directed as much as possible to the inner-upper portions (key lock) area of the switch assembly. You would be amazed at how much crud comes washing out the bottom of a switch that hasn't been cleaned in a month or two.
I verified my theory by flushing/lubing a switch, paying close attention to what came out onto a white shop towel. Then taking a few rides in the rain with road spray etc. A couple days later a repeat flush & lube service produced an entirely new batch of crud from the switch. The same stuff was splattered all around the bottom area of the switch on the outer surfaces in that area. I'm convinced. Guess now we'll see what Yamaha has to say about it too.