I wouldn't be so sure. Working in GBP that bike would cost me £7K. Say I had it three years, I'm looking at it costing £2.3K a year. Given that with my current commuter bike (a BMW R1100RT) I already have an annual cost of £1250 in fuel alone. That's before considering all the other costs you get with owning a bike.
Add to this that this is considerably more comfortable, more weatherproof, and not a 10 year old like mine it seems a fair price.
I don't think that's a fair comparison. You're speaking about a 1100cc 90hp machine and comparing it with a small electric motor.
My commuter bike is a 250cc with 28hp. It has 9 years, carbed. Inside the city (less than 100kph) it gets about 3.2L / 100km and 280km per tank. It's cheap as fuck to fix and the bike itself was like 1K (used, around 3-4K new, it's shinny).
Maybe, maybe not. I don't think it will ever be cheaper than a commuter bike. More convenient of course, but not cheaper.
On most countries/states is also competing with small cars because you can't legally lane split. Right now I've got a loaner and it's a 4 seater, a Seat Mii. It consumes just a bit more than my bike and it's very small and cheap (around 6-7K new, cars are expensive around here).
Add to this that this is considerably more comfortable, more weatherproof, and not a 10 year old like mine it seems a fair price.