I can only afford/justify one bike currently (too many kids), so the ugly Gen 1 KLR with some suspension mods is it right now. It never disappoints except when I ride it someplace really nasty and have to turn back (I REALLY miss my XR440) or when I have to pound 300+ miles of interstate. For everything in between it does just fine.
I'm thinking in a perfect world two more bikes are needed. A KTM or GasGas 200-300cc 2t for the nasty single track, and real road bike (I'm thinking FJR or C14) for long range highway work. But currently the old KLR is what I get, so I'll ride it smiling. If you can only have one bike, the humble KLR is not too bad.
"You can have anything
you want, but not everything
"There's nothing like that fresh tire feeling