Ya well here goes. I do love my 465 because it is a real shock. Locking ring preload for unlimited adjustment, easy dial-in rebound adjustment and gas filled. That being said the R1 is arguably a better shock and you can then use a custom spring sized to your needs. The problem of course is that you need to be a bit mechanically minded to put it together and install. The 465 is just plug and play with minimal installation effort.
The 465 only comes with a 16+kg/mm spring. I talked to the factory and they said everything is a compromise and the 16 is necessary to work at the limits of the bike's Gross Vehicle Weight(heavy loads, pillions, etc.) and yet provide adequate feedback across a variety of rider weights. I got them to admit, however, that not loading the bike to at least 175 lbs. would be "less than optimal." ???
So, I've been riding for a while but really don't consider myself the one to ask about real performance characteristicts. I would buy the 465 again in a heartbeat, though.
But while we are on the subject, my wife asked me what I wanted for my 70th birthday so I blurted out that a set of customed sized RaceTech progessive front springs for the V would be nice, thinking I could bargain down from there to something she would actually buy. Well, she agreed on the spot, so I think I now have a motorcycle and wife for life.
Now performance wise I really can tell the difference with the RaceTechs. Considerably less dive on braking, no more wallowing, and more secure in the twistys.
My $.02 and hope I haven't confused the issue.