The first bike I ever owned a 1984 Honda VT500FT Ascot. The VT500 was a 490cc V-Twin with a 6 speed gearbox. It was a fun little bike that was moderately quick, but it wasn't a speed machine by any means. When I first got it back in 1999 I had planned on rejetting the carbs and pulling the baffles out of the muffler as well as completely redoing the paint and chroming, but as it turns out none of those plans ever came to fruition..
My best time at the drag strip with it was a 15.3, but that was because my clutch wasn't gripping. I got a new clutch put in it but never got it back to the strip before I sold it though, so the world will never just how quick it was. The magazine reviews had it in the mid 14s, and that seems pretty close considering what I did with a completely toasted clutch.
By 2002 the Ascot was developing some major engine problems (seals, valves, etc) and I needed some cash, so I put it out in the yard for sale. Three days later some guy from Iroquois bought it for 600 bucks.; It was a good first bike, and I really can't complain about it much... I rode the hell out of it for 3 years and it stayed alive. I've actually seen it a few times since I sold it, but not for a couple of years so I have no idea if it's running anymore or not. As bad as it was burning and leaking oil when I sold it I really doubt it's still functional.
Here's a couple of pictures... one from 2000 and one when I sold it a couple of years later. I miss it from time to time, but all it would be doing now is collecting dust if I had it cause I wouldn't have had the time or money to do all the required repairs.