Yeah we don't have the crazy large plates, mine is a bit old and ratty looking and is in the generic state colour from about 10+ years ago so at some point the plate will go in the bin and i'll replace it with a red/black or black/gold one to match the rest of the bike. Size will remain the same, that's the only size available for the bike.
Rego numbers don't stay with vehicles for their life here (they do in the UK don't they?) and depending on which state of Australia you're in the options and details of personalised plates are pretty extensive
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As for the side view it's slim enough for now, if i was staying with large indicators i'd keep it as it is, and it took minimum time to mod it like that. But i'd like it to be just the numberplate and by necessity the CDI box being visible from the side when i'm done, the indicators tucked up high on minimal bits of plastic and the gap between the wheel and the tail being more or less free of anything.