The Yamaha definately is not an inferior bike now with Burgess' magic sprinkled on it & the best rider developing it - seeing the massive amount of corner speed that bike carries in comparison to the RCV is quite amazing. Rossi rides with a 2 stroke style unlike the other Yamaha riders (Xaus and Edwards) with the exception of Elias who is in his first year & is impressing everyone with his abilities even though he wasn't the best rider in 250 cc the prior year. Honda won't let the hierarchy go and let Melandri and Hayden develop the spec '06 bike now, which is a stupid decision since they are the best contenders they have (who knows what Pedrosa will do).
As for his formula one career, that is still highly in doubt since he seems way more interested in rally racing, which he has done miserable in. Regardless, to lap within 5% of Schumacher's lap record at the Ferrari testing facility with only 65 laps under his belt is highly impressive. I don't think he will do formula one due to high politics that won't let him be himself - an emotional charachter who will speak out about anything that he doesn't believe in. This is a big no-no in car racing as compared to what he is used to in MotoGP.
Yes, he is the man and looks like a 6' tall monkey with a fro - but he is a lady killer from all the rumors & is the best rider ever, so my hat is off to him.