Also, as essentially a new rider (actually an old rider who rode 25 years ago), I recently bought a new 2011 Bullet Deluxe.
I like it very much in terms of looks and ease of riding, but I am hedging now and thinking I may have been better off with a no-brainer water cooled Japanese bike. I am losing sleep over the fact that I may not have broken it in properly. I would point out that these require a very disciplined break-in period, being very smooth with shifting and paying close attention to speed (as all bikes really are, but I think these are more critical). Also, another thing that might put you off is the sound the bike makes - the large single cylinder sounds and feels rough, but according to my dealer mechanic, this is normal. Another consideration is that it is an air cooled bike. I, unfortunately live downtown in a very large city with much traffic and lots of idling - I am a little worried about over idling.
On the positive side, it is affordable and insurance, even in Toronto, Canada, is affordable. It is a very nice bike to cruise on. Once you get on a nice road, it is very cool.
I would not, however do it over again. I say, go with Japanese for your first, buy one of these later.