I have had several.
Pros
6th gear!
Plenty of power ( on par with a Vmax )
Smooth Honda reliability
Excellent highway cruising
Good looks
Abundant parts
Lots of fun
Long range 150+ miles
Cons
2nd gear issues
Cam issues
Oiling issues
Lack of aftermarket support ( no cheap or available exhaust systems etc )
Lacks Vmax style
I ve owned ALOT of bikes and have owned over 50 V4 Honda's. Be it Magna's, Sabres, Interceptors etc And everything from baby 500's to 1000/1100's .
The V65 Magna is a very fast cruiser. It will more than keep up with a Vmax and will have about a 150+ ish mile range on fuel if I remember correctly. It was about 50 miles more than a Vmax.
Carbs... if you have to buy one that needs carbs built, PASS on it! They are a HUGE PAIN IN THE ASS to remove and replace. It makes removing Vmax Carbs a absolute joy!
2nd gear is no different than the Vmax. Beat on it hard with power shifts in 2nd and you will be replacing it. Do a typical 2nd gear test when you test ride one.
Oiling issues and bad cams are problems the V4 Honda engines had. Dave Dodge, if he is still in business offered a oil kit. Honda recalled the cams on many V4's. They pit and wear out. You can get reground cams and I think Mega even makes cams.
Power is exceptionally smooth. Its not aggressive like the Vmax. But linear, enjoyable. Its not a rip snorting beast in the sound dept either. You will see about 105 hp at the rear wheel and around 65 ft lbs of torque. So you are within 5 hp and 5 ft lbs of the Vmax.
Handling feels long and seat height is around 32 inches if I remember. I had to lower all of mine to feel more comfortable. I am 5'8". The bike feels top heavy to me. I believe its about 10 lbs heavier than a Vmax. I also seem to remember it holding almost 5 gallons of gas? I may be off on that. But it had a bigger tank than the Vmax. That I do remember.
I also remember it having driveline backlash. Felt jerky sometimes at lower speeds.
All in all... here is my up take.
If you want a Vmax and found a nice Magna.... it would have to be a DAMN nice Magna to get the same smile, if possible, as a Vmax can give you.
The Magna is a great cruiser bike if you want to just have a good time and not draw attention of be that thrilled about riding your bike. Don't get me wrong, I loved the Magna's. But onces I started riding Vmax's ( I am on my 7th one now ), I can't say I would ever own a Magna again unless it was a Super Magna with an 1100 motor in it. And that aint happening LOL.
So honestly, if Vmax's appeal to you, then just continue on looking at Vmax's. One will come around. If looking at adding an extra bike to the stable, honestly I would still pass on the Magna just because of the Carb removal, and they all seem to need to be cleaned and removed!