I think the Shift Star problem was just on 09's. My 2010 has had plenty of abuse and is fine.
What does it need? IMO, A skid plate, a Dynojet kit/Air filter, hand guards, a seat of some sort, and some real tires.
The Dynojet kit improves throttle response considerably, and in many cases will improve fuel economy. I like to add a TwinAir filter (and use NoToil filter oil), and many like to add the KDX snorkel in place of the stock snorkel ($20). The stock seat is awful; the best bang for the buck is the Seat Concepts one ($179) that you "assemble" yourself. And for tires, if you're going to be riding off-road, we've found the Kenda K760 Trackmaster II's to be good for their price (under $100 for a set). If you're just going to ride road mostly, the stockers are fine.
The first time you drop it, you will likely lose a mirror and at least one turn signal, so be prepared. Hand guards will protect your levers. I like Barkbusters, but if you have the money to spare, the HDB (Highway Dirt Bikes) guards are really nice, but pricey. Look at Double Take mirrors once you break yours. You can get new turn signals on eBay from China super cheap (order several sets so you have spares).
'12 Suzuki V-Strom DL650
'96 Suzuki DR650
'10 Kawasaki KLX351S #320
'01 Yamaha FZ1