Got around to installing yesterday - I can't say it was particularly easy, but not particularly hard either. It took me about 2 hours (though I haven't done wiring yet), but if I was comfortable with taking apart the bike (I've only had it a month) I probably could have gotten it done in an hour.
The few gotchas are that, at least on my '04:
The slave cylinder is extremely hard to fit through the frame holes and i eventually gave up and just took the slave off and fed the hose only. This then required bleeding the slave after you put it back on. it would be virtually impossible to bleed without causing a mess "in place" hooked up to the clutch, so i bled it hanging out of the left side of the bike before passing it through and hooking it up. if i had just unhooked the slave first instead of struggling for 30 min this whole operation would have been greatly sped up.
You definitely should pull the airbox and battery box to make more room for feeing things through.
The old clutch mount either requires pulling both the turn signal cluster, grip and bar end, or a lot of bending/breaking to get it off the bars with those in place.
Finally, at the clutch side, the piston/rod was ever so slightly too big to slip into the pull on the clutch "arm" even with quite a bit of pressure. So I had to take a dremel to the slot for about 2 seconds just to get rid of a little burr on the slot, and then it slide right in. This one I think is manufacturing variation on yamaha's part, not megura's fault.
So the whole thing is installed and good minus a little soldering for the two wires - in fact, I'm not even sure what these wires control (its obviously an activation sensor, but everything works fine without them... skooter you know?). The clutch comes with some bullet connectors but they're way too big/long so its definitely a custom hookup operation to solder these nicely to the old wires.
As skooter said - the clutch is buttery smooth. I think it looks great too! - I'm definitely not upset that I didn't get the radial upgrade, the "gap" is a total non-issue as it matches the brake side almost identically. As far as the pull goes, its much lighter than stock. It was raining so I don't have a huge opinion on it yet in terms of "feel" since I only took it around the block. Hopefully next day or two I'll be able to give a more details feel opinion.
There is a large range of adjustment which is nice too - from way way far out to fairly close - a larger range than with the front brake.
Here are some more pics for those on the fence due to looks.