Hmm, cheap, simple and modern all seem exclusive of each other!! I have heard that the Suzuki sv650 is a very good modern bike, but in the $3k+ range depending on the year, which doesn't qualify as cheap to my sensibility.
One bike that is inexpensive for what it is is the Suzuki gsxr 1100 water cooled('93-98) Plenty of power, brakes and handling, in the $2-3k range, however I'm not sure it qualifies as a simple bike. That being said, it's not a whole lot different to a SOHC 4 except it's DOHC.
Good luck!