Great thread. I've been on both sides of the fence. Modded the **** out of a Ducati Sport Classic to try to turn it into a competent race bike (total suspension, steering damper, wheels, brakes, track bodywork, intake pods, exhaust, fuel map, pegs, controls, probably a bunch more stuff I have forgotten). A bunch of that I would have done even if I wasn't racing it because honestly, at that time I enjoyed wrenching almost as much as riding.
This bike (once it arrives), is about just having a sweet little road bike to go riding on, mostly with my teenage daughter on her CBR250R. No time for spinning wrenches these days really. It will do exactly what I want it to do in 100% stock form, and look good doing it.
Both are perfectly legitimate ways of enjoying this hobby. To each their own.
(But honestly, given my past irrational compulsion to needlessly modify perfectly good bikes, I may need to join a support group to stick to the above plan. Can we start a thread for that?)