Well I'm glad its not just me anyway. I had this problem on 2 of my previous bikes as well and sold them fairly easily, but I didn't like them like I like my Fazer so wasn't that fussed, they were smaller than the Fazer too. No reviews of the Fazer said "not ideal for tall riders" and it's not a small bike so it was something I wasn't really prepared for.
I do agree it's the pegs to seat distance definitely, especially the right as I have to have the ball of my foot on the peg or the brake lever gets in the way of my boot. I do think my knees may be slightly knackered though because at work if I squat down for too long when I stand up it's really painful at first and I walk like I've just crapped myself for a few seconds, I'm only 21!
Those adjustable pegs look great, quite pricey but worth it if they are an inch or so lower. I don't think it mentions on the advert so does anyone have any and can vouch for them?
I do think padding the seat will be a good idea, I went to Wales and had a small cushion in my waterproofs the whole way and that raised me a few inches which helped as we were covering a couple of hundred miles or so a day which whilst quite bad would have been crippling otherwise.
Christo I'm 6 foot 4 and I can't remember what my leg measurement is but they're pretty long like yours. Like I say I think there may be a medical issue contributing here as well as have had a couple of sport / one biking incident that put a lot of strain on my knees and the right one in particular.
Self destruct I have wanted to raise it a lot higher for quite some time because when I'm filtering or stopped at lights, especially when I have a heavy pillion, my shins feel like they are uncomfortably long in a strange way and it unsettles the bike if I'm not careful so I sometimes have both feet down.
The raising seat thing though - In wales I was a bit worries my legs didn't quite go into the tank grooves as they should. Also I was so much taller than the screen at that point it was doing bugger all. I've always been tempted to make my Fazer naked but there are a few factors stopping me, the main being it's too back-heavy looking when the fairing is taken off and the clocks look like a dogs dinner if you aren't careful, but I have seen some good examples on here that I would consider shamelessly copying.
Other than the knee comfort thing, handling and engine wise this bike is a beaut which is overlooked by most so if it could be fixed I would be more than happy to keep it.