I have a 17 Phantom, and I absolutely love it. It definitely has a meaner more bad *** look than the M50, while they're very similar bikes. I've made it a bit of a mission to get rid of any chrome that I can, since it was mostly black to begin with. But with a cobra exhaust, some black ebay mirrors(LED skeleton ones that I still haven't got wired to my signals yet), Honda accessories black backrest, it is already looking nice and sinister. When I wire the mirrors to the signals, I'm thinking of blacking out all but the middle fingers on them.
It rides like you'd expect from a 500lb metric cruiser. Smooth, not the tightest turns but still fun on a winding road. Pegs are a bit low on a cruiser for carving, the bolts on mine are down to 45 degree nubs. I averaged I think around 250km on a $12 tank last summer. Expect the M50 to probably not do as well as that, as it has an extra 50cc, and few extra lbs, but It carries a couple more litres of fuel too so it probably makes up similar range. I'm probably not going to beat an exotic car down the strip, but it feels like it has atleast muscle car performance, which is fun enough. The aftermarket exhaust definitely helps with the muscle feel of the bike, as they do sound a bit mild out of the crate.
On longer rides, I do wish I had a better saddle and forward controls, or atleast highway pegs. A 6" move is on the list of mods for this season, aswell as getting my seat redone.
BTW OP, I notice you're also in Hamilton. I bought mine at Sturgess and had an excellent experience with them.