1) K3 = 2003 model, K5 = 2005 model. In the USA, all K5's are the blue & white scheme, other markets may or may not have this color and may or may not have other colors.
2) Yes... as is the K6 (3rd Generation)
3) For 2006, the Bandit is no longer imported to the USA. It's still in plenty of other markets.