I think Honda did a hell of a job on this bike. I doubt they expect to sell them by the boatload, but it seems like a great way to get some publicity and get people talking. Kind of like what they did with the Valkyrie Rune, IMO.
As for the bike itself? Sure it may lack in street cred, but at least it's rideable. Who's the real poseur: someone who has a plastic bike but actually rides it, or someone who has a "real" chopper that sits in the garage 99% of the time because it's downright unpleasant to ride?