I think it's quite good for stock suspension actually. Enough adjustment for the average guy (like myself) to be able to dial it in, but not so much as to be overwhelming.
That said, It doesn't feel as plush as some bikes, especially over hard edge bumps. I think some people equate that plush feel with the suspension being good, but that's not really the case. I think the Versys suspension does a good job of keeping the wheels on the road, which is more important in my opinion.
I have mine set a little soft, for my smaller frost heaved back roads I travel, and it handles it well. My settings likely have me giving up a little on the sporting end, but hell I don't even have the sack to run the chicken strips off my rear tire, and I have yet to scrape a peg, so it likely doesn't matter for me anyway.
Then again, I'm heavier as well at about 210 lbs, so you may be on to something with the rider weight. maybe for a light rider its not the case. It's kind of a strange setup on the rear, with no linkage like in a traditional setup.
'79 Yamaha XS650