Check out the Suzuki SV650. Old school simplicity and looks (if you go with the naked version) and new-age performance, weight, and reliability.
I buddy of mine has one, and it is a blast to ride:
About 70 hp, nice low seating position, real slim through the mid-section, and best of all under 400 pounds dry.
http://en.wikipedia.org/wiki/Suzuki_SV650S
DT