I bought a 2001 ninja over the winter for 700$. My plans are to use it for commuting during the week, and touring when I have the time. So far I am very pleased with the comfort and fuel economy.
Originally, I had plans to weld up a rack and come up with some hard luggage. After much deliberation though, I decided I wanted a simpler setup that would be easy to remove for commuter duty. I had a Walmart gift card, I otherwise had no use for, so I got all of my luggage there. Time will tell how it holds up.
Here is what I have so far:
I also wear a dslr backpack to carry my camera equipment. Hopefully, I will be able to test everything out soon.