Before I go further let me tell you that I had a bajaj pulsar 180 before buying a karizma. the 180 was perfect in terms of effieicency(40-45kpl in city), great power and cheap spares. so why did I get the karizma. its because I wanted a bigger bike that looked and felt bigger(and better).
priced steeply-at 75, 000 on road the bike delivers in terms of exclusivity - today when everyone has a pulsar its good to be part of an exclusive(well sort of) karizma club.
the other great thing is that with the smallest modification it looks just like a foreign bike. its bigger than the pulsar, handles better and has a smooth engine and gearbox.
performance wise it doesnt have a huge advantage on the bajaj but remember hondas fit and finish is a lot better than the pulsar.
the best feature without a doubt is the luminiscent gauges that have an orange light and at night you get a feeling of an imported bike.
on the downside though the fuel effieceincy is the pits. I get only 30kpl and that burns my pocket.(delhi petrol costs 44/litre, bombay 50/litre)