I'm late to this party, but oh well...
Aug 2011, I bought a 2008 Varadero and I like it a lot. I also have a 1995 GS. I'm heavy enough that I can't blame either of the bikes for being overweight. I'd have to say that the off road ability of my old GS is better only because I'm less afraid of dropping it. The GS has a lower center of gravity because of the engine and I think that's why it seems to be lighter when pushing it around the driveway, but once moving the Varadero is very well balanced. Granted I've only been riding the Varadero for a short time, but I'm sure it's off road capabilities are somewhat close to the GS, at least in my hands. I just don't want to hurt it's plastic. I have engine guards but I'm working on an "off-road-plastic-protection-system" or "O.R.P.P.S." that incorporates old socks and underwear with a set of tank panniers and a pool-noodle. I'll post pics once it's in the final stage.
Meanwhile, I think Honda did ok with this bike. The new thing they have coming out with the 1200 V4 looks' orrible, IMO
