Although I like the looks of the SV1000 more then the V-storm, I do Like the way they attempt to incorporate the forward protector into the fairing. I wonder how much it works in a simple drop over or lay down. The cool thing about side soft luggage is that its less intrusive to the legs and seconds as a relatively inexpensive protector that can be tossed and replaced. Also keeps the center of gravity low when not in use.
Anyway I would rather have any Suzy sport V-twins than any of the pricey art deco Italian specials.
CWO, I like soft luggage for all the same reasons you do, and if you lay it down you're not out a lot of $$. I could get used to a nice set of color-matched hard side-cases, as long as they didn't stick out to the sides much. But I can't stand those big, bulbous trunks like the Givi's.
The "forward protectors" you're referring to... do you mean the crashbars? Those are aftermarket SW Motech I installed along with the skidplate, from Twisted Throttle.
I like the SV's too, but the V-Strom is great on dirt roads, and I wanted something light for "adventure touring". It's listed as a dual-sport, but it's not that great off-road, like a KLR or DR is. It will easily compete with any other big-bore dual-sport though, and handles like a sport-bike in the twisties.