I have the new stock lw fairing on my 08 and 8 screws comes off easy
I've had the lower fairing since the bike was new and it really is a matter of removing the securing bolts with an Allen key and it comes off real easy. I put a rubber mat under the bike to save scuffing the paintwork when I lower it to the ground.As for protection, it is more for looks and keeping muck off the engine than for protecting the rider from the weather.
I don't have anything to compare with since this is my first bike but agree with SteelD