My FZR suffered from a spongy feel too.
At first,it was just stubborn bleeding,so I got a bleeder screw banjo for the MC.That turned out to be a very helpful little part BTW,I put one on all my bikes now since it makes one-man bleeding much easier and quicker.
After a couple years,the spongy feel came back and I couldnt get rid of it.I rebuilt the MC,changed the MC,bled the hell out of it and even upgraded to 94' 6-piston front calipers...but it still didnt feel well.So I slapped on some nearly brand-new Ducati rotors I got for a steal,and that solved it.Even though my old rotors were still pretty thick,they had become concave on the friction area,and I guess it was making the pads contact in a rocking fashion,rather than hitting the surface dead on.