Cool bike but I'm obviously biased. Check out:
http://www.svrider.com/phpbb/ for tons more info. But you will need suspension upgrades and IMO the stock exhaust sounds like a lawnmower - I Iended up with a repacked 2 Bros and it sounds badass. You'll need springs if you weigh more than 180lbs and a thicker oil (15-20wt) to help improve the rebound. The rear needs help too. You may not need/want any of these upgrades depending on how you ride. I love my SV and wish I had the extra cash for the 05 S version.....
Hondafan - the SV is my 2nd first bike. I rode almost 10 years ago and got back in about 6 months ago. It's perfect for me but I have a steady throttle hand and weight 240 so it's not so crazy for me.
Pros: fairly light, great brakes (maybe too great for a first bike), and v-twin sound
Cons: Lots of engine braking, touchy throttle, average mileage
Kwak_ZZR - I have the first generation model. They old and new differ in that until 02 they had carbs, no fork adjustments, only preload adjustments in the rear shock, and a better look IMO. The newer models have fuel injection, a bit stiffer frame (that was already pretty stiff), cool LED brake lights, and now have a bunch of aftermarket parts out.
I don't thing you can go wrong with any model or year SV - it's all preference and they're all great choices if you understand their weaknesses. Get one!!