First, let me tell you that I own this model since April 2001 (almost 5 years) and done 35, 000+ kms. Surely this bike has been hidden behind strong marketing done by HH, Bajaj, LML etc but it has come out as star performer indeed for me!!!
When I started to look-out for bike, spledour, caliber already doing well. Yamaha had recently lanuched this 4-stroke model after highly successful RX100 (I love this bike too, my elder brother was having this). I was primarily looking for driving pleasure and easy handling and when I test drove it, I got what I was looking for. Also I found glimpses for RX100 in it like excellent pick-up, smooth engine sound (much better than HH and bajaj bikes), round headlamp, flat seat etc.
I am fully satisfied owner of this bike for 5 years now. There was a period of 8 months in 2003 when I drove this bike 50kms daily!!! It was great performance. Nowadays I generally ride around 500kms in a month. Another critical factor which people have is fuel efficiency, I ll say that it depends upon riding style you can get between 45-60 km/l given how you ride. I usually ride between 50-60 range and I get 50+ km/l which is not bad.
Finally, I would say this bike surely gives more value for money. Unless you are cary about stylish looks like discover, freedom etc this is the bike to watch out.