It might be worth looking at the Honda X11. Google that and you'll find a YouTube review by MenAndMotors.
It's essentially a naked Blackbird; a very smooth and refined 1100cc that's been proven to be bulletproof.
I know a highly experienced biker that has been riding gen 1 Fazers for years. In fact owning one at a time has never been enough and he often had a couple of runners and one for spares. Until recently.
A good friend of his is a Blackbird enthusiast and kept going on about them so much that he bought one from him. He enjoyed riding it but unfortunately the riding position lead to discomfort on longer journeys. He learnt about the X11 and bought an example from eBay for approx £1,500, if I'm not mistaken.
Now this is a man who was a devout Fazer owner and kept banging on about how the Fazer was the best all-round bike he'd ever ridden; that he couldn't imagine ever finding a bike more suitable, that he would go to his grave a happy and fulfilled man thanks to the inspired vision of Naoki Segawa and Yutaka Kubo.
http://www.yamaha-motor.eu/designcafe/en/about-bikes/sport-touring/index.aspx?segment=Sport%20Touring&view=article&id=441370http://www.motorcyclenews.com/mcn/bikereviews/searchresults/bike-reviews/yamaha/yamaha-fzs1000-fazer-2000-2005-/And now? The Blackbird has gone, but that was expected. However, his dearly beloved, much pampered and cossetted Gen 1 FZS 1000 is likely to go to pastures new. I personally feel that will be a step too far when it comes to the crunch, but he does seem pretty determined!
This is the man who's words of wisdom and passion for the FZS 1000 lead me to buy one despite having previously loved an Aprillia Shiver 750; a grunty twin that's light, powerful and surprisibgly smooth.
I haven't ridden the X11, but I did ride the Blackbird and the levels of refinement were sublime. The X11 is tuned for more low to mid-range torque and my friend clearly loves it.
My sights are set on a BMW S1000R. IMHO it seems to be the modern successor to the wonderful Gen 1 Fazer that so many people on this forum love, including myself of course! The BMW doesn't come cheap though and a Fazer or X11 will give you a shed load of bike on a budget. For outright value, fun and availability of great second hand models, I think the Fazer still has it. The X11 is well worth a look and I look forward to an opportunity to ride my friend's new pride and joy when the opportunity arises.