Well, I'll start off with my own XT550 project. This bike was received in barely road legal condition. The previous owner had been in a head on collision and used the money he received to fix the bike to just barely road legal condition.
At first this was just going to be my bike for learning to ride on the road, and it quickly became my favorite project even though I did not have much money. I spent about $700 total to get the bike to road legal form and I still have a few more things I'd like to do.
This year the bike gets some TLC and some swapped parts for road duty.
Link to project: http://www.sportbikes.net/forums/pic...l-journal.html
Here are some pictures of before and after: