An old thread but with almost 4000 views...
If you have the space, keep the KLR650 and get the Versys because there are still 2014 bikes in the pipeline for dirt cheap.
Yes, I wish Kawasaki would turn the Versys into a dual sport with a 21" front wheel, 6 gallon gas tank, and more better brakes. Some gear ratios would have to be sorted out.
There are enough old KLR's to supply the people it makes happy; Kawasaki could let the KLR650 die. For the right price, an old KLR makes a great winter project. I'm keeping my 2005 KLR650 because I have twice as much in it as I could get out of it--and even if I didn't, it would fetch next to nothing--might as well keep it... ...besides, it's just fun.
The Versys can be massaged to do mild off road: gravel, groomed dirt, little rocks... ...easily an 80/20 bike if you give it a bash plate, crash bars, lowered dirt pegs, raised handle bars, luggage racks, etc. The big problems are the sub-river level exhaust and tires, particularly the front 17" -- many who want the tires to go off road end up using a rear dual sport tire on the front.
A few will rebuild the bike swapping out forks and wheels for something more dual sport oriented, but those mods radically change the geometry and require a bit of fitting/fabrication--not for the faint of heart. At that point, might as well look for an F800 GS that was under utilized.