Hey Sid! I took one look at the 06 998cc Yamaha FZ1... It was a no brain-er to me at that point... this FZ1 handles the mountain passes like an R1, and has big power on tap that makes the bike something you won't out grow anytime soon.
I tried one of these while my FJR was in for a service. It was fun for a loaner but not a long term proposition to my mind. Below 6000 rpm, it has less grunt than the FJR and feels definitely lethargic. Above 6000 rom, it takes off like a scalded cat and you have to hang on. Yes, it's fun but I didn't find it practical to ride unless I was on a track and could keep the engine above 6000 rpm all the time. Around town the FJR is better, on country roads the FJR is better, on open freeways the FJR is better but on a track, the FZ1 is the surefire winner that will make you grin from ear to ear. It all depends on what you want from a bike and if Sid wants the same as you then the FZ1 might be a good choice. If he wants a friendly tractable all-rounder that will suit a range of riding conditions then the FZ1 may not be a good choice.
I think a true sport bike would be a very short lived affair for me. Yes, it would be fun to run around on one for a while but I think I would grow tired of it very fast after the initial thrill ride was over.
Insurance on something like that even when it is a smaller 600cc motorcycle is outrageous for me. Clean record, no tickets, no at fault accidents etc. and my quotes were high enough to almost buy a Kawasaki KLX-250S.
Also, I don't like motorcycles that have to run 6K to make any power. Sure it's fine on a racetrack or maybe for stunting on the streets but, I'm not that kind of rider. I want the motorcycle that I can pull away on in 3rd gear because it has huge torque down low. I want the one that will run highway speeds at lower engine RPMs and won't buzz the handle bars and make my ears ring. That's not a direct knock against HD but, I just don't understand it from a rider perspective and see a lot of that crowd riding them for image only.
I'm not out to impress, I'm here to ride!
I got a reasonable insurance price quote on a Kawasaki Ninja 650R so, I may end up going that route. It is a better match for my body profile then the Suzuki Vstrom and I suspect it will have good secondary market resale potential at a reasonable depreciation rate. If the KLR-650, XR-650L, or DRZ-650 were less portly and had better suspensions I might go that route but, they lack power for their weight and have marginal suspensions that I would likely over extend like I have in the past.
And, THANKS for all the help so far! Everyone is giving me great points to consider before I commit to a purchase.