I like mine, but, I am not a cornering fool either. I've only hit the pegs a few times. It only has 92k miles on it now. :)
I kinda like the 16" wheels, except for a slight limitation in tire selection. The geometry makes the steering very quick, but, once you get used to not putting any pressure on the bars it is nice and stable. I do keep tire pressures at the 40-42psi range. Sport Demons are still available for it and work well.
The only real downside is mileage. It gets the same or worse than the 1000 series bikes of the same era (around 40mpg). Why? Maybe cause of the 7/33 rear drive, maybe cause the 850 motor gets flogged more than a 1000 would. Don't know. I can still get 200mi before the reserve is hit (gas tank is a bit less than 6gal).
If the suspension has not been messed with you probably want to put in better dampers/springs/shocks and a fork brace if that one doesn't have one.
And they are 'parts bin' bikes. Check the part on your bike before you order. Most of the suppliers know the issues and can guide you in that regard. 99% of the parts will fit fine, but, then you get one that is 'different' than the book.