I bought an '03 SV1K naked new and loved it. Not as much as my previous SV650 naked, but the engine made up for a lot. A set of Gen-Mar bar backs raised and brought the bars back. A set of Buell foot pegs dropped them down for more legroom. A shifter setup from an SV650 was like a short shift kit. The changes produced were huge, and totally changed the ergos.
The engine on that bike was killer, power everywhere, no waiting like a 4cyl to spool up. I had a set of Yosh CF street cans on it which sounded throaty, not too loud.
As previously mentioned, the one drawback, which was enough for me to sell it, was the horrible seat. I tried lots of fixes, and none really worked for me. I couldn't stay on it for more than an hour or two, with lots of pain near the end of the ride.
If you can stand the seat, buy it.
Oh I used to be disgusted, but now I try to be amused-E.Costello
'01 Kawasaki W650, '05 Yamaha XT225