My opinions (I've owned/own both):

The KLR650 is, like most have said, the F150 of the dual sport world. It does everything OK but does nothing great. If the BMW is too tall for you the KLR will NOT work. Big fuel tank means you can ride a LONG way between stops.

BMW F650GS. I have a 2001 now with about 24k on the odo. Much shorter than the KLR, lighter than the KLR, similar performance power-wise but more nimble. Also, you'll get a little more bike for the money. I have one now (I sold the KLR to buy this one) and I like it WAY better than the KLR. I can actually reach the ground. Also, mine gets 75mpg driving from Bailey to work in Denver. It also has anti-lock brakes that you can turn on/off which is great for switching from street to dirt. Good size tank, too....about 5 gallons.

VStrom is probably closer to the KLR in terms of height. Nice bike...just too tall for me.