I have a CB450 mutant that I just got on the road:
It's starting to make lots of cam chain noise, so it's back into the garage for a teardown. It's due, really, since I never went through the motor. It just fired right back up after many years of sitting under the awning of a shed. I put about 300 miles on it so I'm pretty happy right now.
It's a great bike, plenty of power, though you won't be smoking any GSXRs with it. The stock rubber handlebar mounts really isolate a lot of vibration, so if you go the clipon route like I did, expect a lot of buzziness in the right hand. The steering is a bit slow, and the stock rear shocks are underdamped, so expect to crank the spring all the way up to compensate or better yet buy new rear shocks.
Intact original exhaust are becoming difficult to find, and expensive. Omar's makes an exhaust, I believe you can get one from Jemco, and Swarbricks Racing will make you a very expensive exhaust. Benji's Caferacer makes a beautiful stainless exhaust for this thing, but it's 800 bucks.
There are very few new cam chain rollers left, as Honda has stopped making them. New fork tubes can be had if yours are pitted (from Forking by Franks) but expect to pay a lot of money. I just used a CB750 front end.
It's simple to do valve adjustments, and the only really special tools you need are to pull the alternator and the centrifugal oil filter (and you can make tools for both). The valve adjuster and cam covers polish up really easily and look killer.
If you need new coils, I have found via hondatwins that the XS650 coils are good replacements for the stock coils when they go bad.
There's no question that the XS650 has a better aftermarket - if you don't want to futz about looking for non-available spares, go that route. However, the CB450 is a pretty great bike.