My Sirius radio came with a suction mount that I use in my truck. I'm intending on using it on long trips, so I decided to go out and do a test fit. Here are the results:
As you can see, this works pretty well. There is no interference lock-to-lock of the handlebars, which is requirement number one. It blocks the gas gauge when cruising, however you can adjust your riding position momentarily if you need to see it. What I consider to be more important is that you still have view of the speedo and tach while cruising, including the odometer, so you should have an idea of when you need to stop for fuel anyway. Of course, all of this is specific to my Bandit 1200.
Adding permenant wiring is a cinch, and this way you can take your radio with you. I don't know about you XM folk, but my Sirius receiver has a standard headphone output with volume controls on the side. I haven't actually hooked it up to try it on the motorcycle, but I suspect it will amplify adequately, especially once I get the larger windshield installed.
I don't know if this idea would work for you guys on other bikes, but if it did, it would certainly be the easiest way to do it. The only thing I would then worry about would be rain... I don't suspect these things are very waterproof.