
The FT-500 is a good beginner's bike with:
  *  a reasonable seating position
  *  enough power to get you up and around, but
       not so much it'll scare the bejeebers out of you
  *  tips over well, and easy to pick up
       (don't ask)
  *  simple maintenance

I've had mine for four or so years, and haven't had any
serious problems with it.  I bought it used for $750 with
about 8000 miles on it.

Just last week, someone in the neighborhood stopped by to
ask me about it; whether I thought it was a good beginner's
bike, is it comfortable and powerful enough, blah blah blah...
Seems he found one used for < $500 with about 3600 miles on it.

The reall "trick" mod I've heard was to take the front end from
a 600 hurricane and slide it in.  This was from a guy who
campaigns two Ascots in SOS racing.  He says they do pretty
well too, once you strip off the starter, lights and other
assorted street paraphernalia, its a pretty fast and light bike.