General Comments:
People keep calling it a starter bike. When I had my first 650 in 1972, that was considered a pretty decent sized bike. Unless you plan on doing real highway riding (it's just too light when those trucks buzz by you), the bike will do pretty much anything you like. I live in a small town in Kentucky and have LOTS of nice rolling country roads. Most of my riding is 50-65 on them, and the bike will do that all day effortlessly.
It is a very fun bike to ride, easy to sling around.
Pros:
Easy to maintain if you have some basic wrenching skills. Even if you pay for it, valve adjustments are way cheaper than the shim/bucket method that most bikes now use. It's air cooled with a single carb.
Oil changes are a breeze.
Negatives:
Cam chain adjuster is bad design that could easily be fixed, but Suzuki won't do it. If you get the bike, plan on getting the Verslavy mod and preventing an expensive failure down the road.
Petcock is problem prone but very easy and cheap to replace with a Yamaha Raptor 660.
Seat is hard on your butt. Plan on getting some sort of accessory like an AirHawk or gel or something in that line. Makes a big difference for long rides.
Stock tires are mediocre; research and get better tires when they wear out.
(pro & con) - While the bike comes from the factory WAY too lean, it is easy to rejet the carb which makes a significant difference in the bike's performance. Along with that I recommend ditching the stock exhaust. It is very quiet, but far too restrictive. With a rejetted carb and a Jardine slip on, mine runs much better and has noticeably better pickup. 0-65 is nice. I have no trouble keeping up with my Harley riding buddies.
Suggestions if you buy this bike: Because it is virtually unchanged for decades there is a large pool of owners out there with a lot of experience on them. Suzukisavage.com is the best resource for knowledge & support I have ever seen for a bike. It has made ownership of this bike so much easier and nicer.
I have seriously looked at a number of other bikes and I can't bring myself to give up my S40.