I use a Veypor on my race bikes, and LOVE IT!
I have the IR timer add-on, and have improved my times greatly. Yes, its a lot of money (try $770AS by the time I got a spare wiring harness and the IR kit), but if you're serious about improving performance, it's worth it.
Installation is a breeze, Do it yourself, or pay a mate a six-pack of beer to do it! $200 is crap!
Take a look at the Veypor website, and go to the forum. have a good look around, and you'll get a feel for what people are using them for (one guys got 1 on a Goldwing!).
But don't buy it just for a gear indicator. All it does is compare wheel speed to engine speed (requires calibration), so if your doing 30 MPH, then pull the clutch in and let the revs drop to idle, the unit will show top
P.S. I've seen two for sale on EBay, both in the UK, both for about 150 pound, around $260-$270 US.