Got it in April of 2004.
No issues whatsoever.
First set of new tires at 13,000 miles.
New chain and sprockets at the same time.
Just oil changes.  Does not use oil.  Have gotten sloppy and don't even check it anymore.
MPG anywhere from 46-54 mpg with "spirited" riding.
The lower MPG when you start going indicated 85 mph
for extended periods with bursts to 100+ mph.
Have not looked at the valves yet.
Valve interval is 14,500 miles.  Many that check their valves report that no adjustment is needed for even longer periods.
My riding partner got his in August of 2004 and just checked his valves for the second time at 27,000 miles and they were within spec.
Put on wrap around heated grips and hand-guards.
These do wonders on those long winter rides.
With the windshield and gear I have I can go hours in anything above 28 degrees.  Below that I have to stop once in a while.
It's a great long distance road bike.  Great on those back roads that can get bumpy.  It's not a KLR650.  So it's not an off-road bike.  Most of my rides are in the hundreds of miles with one being 600 miles.  Very upright seating position so you don't get tired.  No body fatigue even on those long rides.  Windshield does a good job.  It's not a Goldwing so there is some wind noise and buffeting to the head but it does not bother me.
It's an amazing bike.  Very quick on the road.  Plenty of power for passing.  You have a tendency to hit very high speeds when passing.  No vibrations and with the windscreen there is no feedback that you are going fast.  Have to remember that in case I'm in front of a judge.  Get up to 110 with no effort whatsoever.  You can get to 125 indicated but you have to let it work for it.
I just check the tire pressure and go.  Never give anything a second thought.  The fuel injection is great.  No flat spots.  In 25 degree weather you just hit the starter and it starts without a problem. 
I went to the NYC bike show and looked at other bikes that would be good for long distances.  Did not like anything.  All too big and heavy.
If you are into long distance riding this should be your next bike.
Just remember it's tall if you are less than 5'10" you should get it lowered.

Thanks for the report!  Now I'm drooling.   

I'm about 99% sure that if I ever decide to trade up from my GS500, the V-Strom 650 will be my next bike.  I've sat on one, and it fits me perfectly.  It's also exactly what I want in a bike.  Big gas tank, plenty of room for storage, and able to soak up pothole hits better than pure streetbikes.   I didn't want to start on one though.  Besides it being out of my budget due to no well-used market yet, it's a little too heavy and a little too much power, I think for a first-timer.  But maybe in 2-5 years....   

...I too really like the DL.....though I'd like to get the 1000 and have it in addition to my SV.....

Good to hear, man! I've always thought Suzuki hit the nail on the head for adventure touring with the 'Strom. It's sporty, but with hardware for good ergos and even gravel roads, too.

This is excatly the bike I've had my eye on for about 6 months now.  I just missed an awesome deal in MS.  I could have kicked myself.  Still looking for a good used deal in the area.  I am glad to hear such good reviews.  I was envious of you when I believe you first wrote that you bought one.  Now I'm even more so.