I'm a 650 Stroomtrooper and love it. While my hard luggage options are more limited (I just use soft luggage - a PacSafe tailbag and Marsee tankbag), you have a ton more option. Check out the following sites for products the DL1000:
We have a 3-case Givi setup on my GF's WeeStrom and it rocks, a V46 46L topcase (with a blue lid to match the bike) and two used, scuffed, but very solid E360 40L side cases. Thats about .8 'wings worth of storage capacity!
We've been quite happy buying the mounting hardware from TwistedThrottle.com
We use the Givi tubular sidecase mount and the Givi topplate on the factory luggage rack.
Look on your local Craigslist for a week to try and buy the bags used...
You might want to give these a look, I've got a set of them mounted on my '98 1100gs and love 'em. They've supported the bike's considerable weight a couple of times when I've dropped it and shrugged it off without a scratch. Only problem is they're not cheap.
I'm about 5'6" too and put a set of Norm Kouba's drop links in the rear suspension of my DL1000K5 then raised the fork tubes 4/5 inch to compensate. Great handling with the lowered suspension and it's nice being able to reach the ground again.
I really like the above Hepco&Becker luggage from Germany. A good place to order it is Eurotechmotorsports. I have it on all my bikes. I like it better than Givi...it seems to be slightly higher quality, however, it's slightly more expensive also. Hepco makes mounts for virtually everything. They'll have mounts for both V-Stroms.
There are certain advantages, for example, the lockable latches are operable without the key. It's more like BMW luggage, but perhaps better quality.
I like the Hepco luggage also because it's not a clamshell setup...There's a side lid...makes it easier to pack. I'm impressed at how waterproof they are, even when overpacked.
It's tough...I use mine under the swingarm to prop up the bike when I lube the chain.
+1 for the Jesse Odyssey bags. Had them on my last BMW R1150GS. Absolutely brilliant. You can also get well-made liner/carry bags made just for the Jesse's from Helen Two-Wheels. (Sorry, I don't have the site anymore.) The Jesse's are American made, shipping/availability isn't as bad as the German bags often are, and their customer service is legendarily good. But, yes, pricey is the word.
Check out Wolfman; they offer all kinda bags for adventure touring. Also, moto-sportpanniers.com has some very good stuff. Look at a few KLR650 pages and you'll get all kinda ideas as to what is available and what you should be taking along.
I was just about set to buy a Uly when a buddy at a bike shop asked me if I'd like to take a DL650 for a spin. OMG! What a fine piece of work! Ugly-assed gauges though. Yup, a shop owner ASKED me if I'd like to go for a ride. And the 650 only puts a very small dent in the budget.
As far as luggage goes, if looks are important get the stock bags or the Givis (basically the same thing, although GIVI has a lot of size options and configurations). If durability is important get an aluminum set from Happy Trails and the like.
Definitely upgrade that skid plate, SW Motech has an excellent one. Crash bars are another good consideration. Sonic springs seem to be a huge improvement to the Strom.
Up, I was stunned just how good the Wee is. The guy also volunteered the V for a ride and I told him I didn't need to. And, I used soft bags on my KLR with decent results but you do have to shield the bags from the up pipe. Nylon turns to soup and then gets hard or burns.