I purchased a 2005 Vulcan 500 LTD about two weeks ago and now have about 375 miles on it. I like the bike a lot. It is my first bike and I feel like I made a good choice. I was also considering a Boulevard S40 and the Vulcan looks and feels like a bigger bike than the S40.
I get compliments from friends and co-workers on the bike a lot. I would like to add a backrest, luggage rack, and a windshield in the near future to make carrying items easier and to have some wind protection.
The bike accelerates quickly when in the powerband, however, I am still in the break in period which really stinks. Top suggested speed for the first 500 miles in 48mph. That is tough when trying to keep up with traffic. I cannot wait to finish out the break in period so I can really explore the bike's potential.
I am a little bit tall for this bike and it gets uncomfortable after about an hour. However, I feel fine for that first hour.
If you are looking for a good first bike, the Vulcan 500 LTD is a solid choice. 
