SkiDoo first made the V1000 Legend's in 2003. I own two of them... a 2003 Legend V1000 Sport and a 2003 Legend Grand Touring V1000. I bought both as leftovers in 2004.
The downside to the V1000 is the weight ~600 lbs. and the relatively low HP (~82 HP is what I have heard). The top end is ~85 mph (at least with my 250 + lb. body on it). If you want to be first across the lake, this is not the sled for you. If you want to ditch bang this is not the sled for you.
Having said all of that, I am very happy with the sleds. They get good fuel economy 20-23 mpg and are great on the trail, and they have plenty of torque. If you are looking for a good cruizing sled I recommend them. I have had no problems with either sled. There was a problem with the fuel rail when I first got my sleds, but SkiDoo fixed that. Just make sure all TSB's were addressed before you buy, and you should be fine.
You can ride the trails at 45 -55 mph all day and the engine won't work up a sweat. Your friends on 2-strokes will run out of gas long before you do. I carry a cheap siphon on board to help get my friends to the gas station when they run out :banana:
The engine is strong and has a great track record in other applications. I should be able to get at least 20,000 miles out of the engine before even the thought of an engine rebuild.
The V1000's were offered as SkiDoo's entry into the 4-stroke arena. Over the past two years, SkiDoo has decided to go against the direction of the other manufacturers and really commit to the 2-stroke platform. They are offering an 800cc 4-stroke this year, but they do not seem commited to 4-stroke technology. If you look at what Yamaha has done with their 4-stroke you see that SkiDoo is far behind, and it does not look as though they plan to compete head-to-head in the 4-stroke game.