Interesting question: My brother is considering the same bikes along a Honda 1300.
I have an '06 America and love it. It has been trouble free in 5,000 miles and I would buy another one in a heartbeat---except that Kawa is really a neat bike. We went to the dealer to ride one yesterday but he had sold the last one on the floor before we got there. We're going back next week.
The two concerns with the Kawa are the skinny front tire. Lot's of bikes are running them but that is a skinny patch for 70% of your stopping power. The other is there are few aftermarket parts for the Custom right now. But it is an incredible value. Fitted out with winshield, luggage rack, bags etc, it is cheaper than the America and has FI, and belt drive.
I don't think you can go wrong either way but I love my America.
