First, good choice on the SV650S -- you should have fun with it.
As to clothing, I would say that you can't go wrong with an Aerostich suit (either one or two piece) for all around convenience and protection.
I have had a one-piece Aerostich for over 10 years and have more than gotten my money's worth. I have not crash tested it (but I know people who have), thankfully. I also have 2 sets of leathers -- a fairly innexpensive set of AGV black 2-piece zip together and a Dainese Tattoo (mostly for track use -- a little flamboyant for my tastes for street use).
I seldom ride, other than maybe a short run into town, without either the 'stich or leathers. The big advantage of the 'stich is that you can wear it over street clothes, so you don't have to spend all your time at your destination clomping around with everyone staring at you. It also is pretty water resistant. I don't think I have ever used my old raingear since I got the stich. In a deluge, you could get a little seepage, but not much.
Leathers will probably give a bit more protection, but the Aerostich is damn close. If you don't mind not being able to wear them over street clothes, leather is a great way to go as well.
I'd get some *real* motorcycling boots for anything other than in town riding -- at any speed, those Fryes will fly off your feet, and they don't have the ankle protection if you go down at any speed.
Have fun and ride carefully.
Bob