I'm on with my bike test stuff at the moment.
Went and bust £300 notes on leathers today, a 2 piece suit, boots and gloves. Absolute bargain as that little lot should of been around about £600 - last years "model" as it were
Already got my security sorted in the garage for the bike too, I suggest you seriously consider the area you live in and what security you need for your bike too. I have opted for a Datatool Ground Anchor which is sunk into the concrete and is thatcham approved. I also have other devices, but I will not disclose them on a public forum for obvious reasons
Obviously the more devices you have, the more your insurence love you. Datatagging and Microdotting is an insurence fave, as is an alarm and immobiliser
First bike wise, depending on what you want out of a bike it is entirely upto you. I am opting for a Kawasaki ZX6-R Ninja (600cc sports bike), but only because I have ridden before and have a fair idea of how to control a big bike

Altho saying that, when you get on a 500cc machine after doing your cbt on a 125, the 500 is MUCH MUCH easier to control as the weight is lower to the ground (IE, the bike is heavier than you) and you'll be more stable at any speed