Pros: Stable, great styling, cheap, makes a good first bike.
Cons: Not so reliable, cramped for tall people, very very weak.
I acquired my vlx as a repair project. After putting around $1100 into it (including the cost of the bike) I have been riding it for 4 years. It was my first bike and overall I am very satisfied with it. However, I do have some small annoyances. First, I am 5'11". On longer rides I have to rest my heels on the foot pegs. A moderate turn will cause my heels to scrape on the ground. You can't add touring pegs due to the extreme short nature of the frame. Second, I've had problems starting the bike on cold mornings. I live in AZ, but during the winter we can get down in to the 30s. In the last 2 months I have had a period of 3 weeks where the bike just wouldn't start. It probably needs a tune-up, but I accept this as a feature of v-twins. By nature, they don't like the cold. I love that this bike has such a low center of gravity. It has been wonderful to drive around town, and the cruiser style keeps me, a young 27, from trying to go faster than I should. But, after 4 years I do feel that I've outgrown it. I'm a full time student now and need something that will start in all weather extremes, so I can say that the ONLY reason I will sell this bike is because I need something just a tad more reliable. I can't afford to park a car at the university, a bike is like one fifth the annual cost. Anyway, this is a great first time bike. Easy to handle, stable, comfortable for shorter people, and it sounds good. Not to mention, it is probably Honda's best looking cruiser and yet the smallest one they offer. By looks alone, if I were to go for a big bore cruiser, it would be a Harley. Incidentally, before 1998 they had a rounded rear fender that I think looks a lot better than the bobtail, but that's just my opinion. I do like that a lot of people who don't know anything about motorcycles ask if mine is a Harley. Hey, it impresses them. There's also quite a few accessories available. I bought a memphis shades classic windshield and it looks great. Some small feaux leather bags and it's set up for a day trip. The stock seat can be a little harsh, but I never saw fit to replace it with an aftermarket. For a stock seat, it seems pretty plush. I've also added a throttle lock, which is absolutely wonderful on any trip outside of town. When I do upgrade, it will be to a straight 4 only because they can handle cold starts a little better. Otherwise, there'd be no reason to get rid of this bike.
Update: I failed to mention that it's rather uncomfortable for taller riders. For me, I felt cramped on this bike, and after riding a year on a Nighthawk, I can say I never knew what I was missing. Now I see that this bike is just too small for anyone over 5'6". Also, it's great that it has no power for a new rider. But after so many years, you want more. The nighthawk is not the fastest thing out there, but in comparison, it's tons more fun. I actually look forward to riding every day because I know I'll have power when I want it. The VLX just doesn't have it. Also in comparison, it requires more maintenance. So that when I look back on this bike, the only thing that really makes it good is the fact that it is so weak, something for the beginner. Unlike the Nighthawk, this bike will not last forever, nor will it always be stylish.