I'll speak up for the V-Star, since I have one. I han't ridden the M-50, so again I can only really speak to one side of the coin. If you plan on doing any extended touring, you may not want the 650. I havn't put a ton of Hwy miles on mine, but when gettin up to those speeds vibration does begin to intrude through the bars and footboards. It may be that I need to make some suspension adjustments, but I'm rarely if ever on the 65+ road ways so up till now I havn't bothered. It may just need one more gear to cruise at those speeds comfortably.
If you like the cruiser seating position and enjoy that type of riding, then it's a perfect bike for that purpose. The engine pulls strong w/ plenty of tourque. The seat is very comfortable, I'm still getting used to the heal-toe shifter, ussually I just toe it, it's what I'm familiar with. It's slung really low as well, so if you have some vertical issues it's either really nice or a bit too low slung. The frame is the same that is used for the 1100 V-Star so it certainly looks bigger than a 650. It warms up very quickly and is ready to roll with less than a minute of choke time, by the time you've gotten your lid and gloves on it's time to move.
If you prefer a more conventional posture, the M50 may be a better choice. All of your weight on this unit is on your arse. My last ride (over a decade ago) had more of a standard riding position w/ some weight being distributed through my arms and legs, not so on the V-Star, but again the seat is wide and well padded so that helps. Search through this site to check out the seat issues folks have had w/ the M50.
Like I said if your planning on any extended Hwy cruising then the 650 may not be for you. Some guys like vibration though (look at all the Harleys on the road). Hell look for some older ones and try it out for yourself. I got my 2002 for $3K. I'm sure you could find older models for even less, give it a try and if you don't like it then you can upsize without loosing your shirt on the deal.
Good luck.
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