Yup, rode the Tracer 700 on the same tyres as my V650 mk3 (Michelin Pilot Road 4) over some mountain roads and my sentiments follow what you guys are writing.
V has a noticeably better suspension and is more composed on turns. Also I like the feel of the brakes better, though I wouldn't call Tracer's brakes horrible, just not as precise.
The Tracer's engine is better in general, but has worse on-off throttle characteristics. It can be snatchy. This is a problem compounded by the underdamped suspension - picture braking into a corner, then slowly adding throttle in lean, the motor yanks abruptly and the bike starts pogoing slightly due to the jolt. It's definitely better than the base MT-07/FZ-07, which was almost unrideable for me with the stock suspension and the abrupt throttle. Yamaha seems to have added *some* damping to the forks, together with a longer swingarm, both of which help, but Versys is still ahead wrt smoothness and control in the bends.
The Tracer is noticeably lighter and more flickable at slow speeds. Almost feels like a 300, which is impressive considering the center of gravity is probably high. At the same time, it feels more like a toy made out of plastic compared to the Kawi. Could be just the subjective impression due to smaller weight though, I didn't notice any objective deficiencies in build quality.
Stock wind protection is better on the Versys for me. Ergos are subjective, I could fit fine on both with my 6'3 height but Versys seems slightly more suited to long tours while Tracer is slightly more aggressive.
Overall, I'm convinced I made a better decision for buying the Versys than waiting for the Tracer. Handling and comfort is more important than power for me.
2015 Versys 650