A Vespa is an ideal vehicle for you if
1.You like to stick to the speed limits of the road
2.Your commute is inside the city limits
3.Once in a while you travel on highways
Fortunately, in my case, all the above points were met and Vespa still amazes me. To get a smile at your face, just wait for a traffic signal to turn green and move off from the stop line. Up till 60 kmph, you will be ahead most of the other vehicles. It has a very good 125cc, 3 valve Aluminium engine and CVT gearbox (9.76 bhp @ 7,500 rpm and 10.6 Nm @ 6,000 rpm).
The Drive
It is possible to stay at 70-80 kmph all day long. No strain on the engine. Upwards of 90-100 kmph she runs out of breath, but that wasn't on my criterion at all. She is nimble yet rock solid at any speed due to her monocoque chassis. Performance has definitely improved over the years. Engine is smoother and the exhaust makes a sweet sound. Travelling with a pillion, just climb any flyover and you will realise what a gem of an engine it is.
Suspension is superb. You won't feel the bad patches at all. But the moon crater potholes will cause you to navigate it carefully and at low speeds. The front is an aircraft inspired anti-dive single side-arm and the rear is dual shock absorbers.
The
brakes as per a few people were reported as poor. However after using it for a while now, I have realised that the brakes are good enough. It must be said that using both front and the rear ones simultaneously will give you proper braking. The rear wheel tends to lock up in case of hard braking, yet she will not fish tail out of control. She maintains her composure while braking.
My only
disappointment with Vespa is the stock headlight. It is extremely poor. You can't even see 10 feet ahead of you in the dark. Hence decided to upgrade the light. Following are the pictures.

with only pilot lamps on

with low beam on

with high beam on
Another issues are the wheels, they are 10" ones but internationally Vespa sells LX with 12" wheels too. That said this is only an upgrade and the current tires are sufficient. The low speed pothole navigating ability is superb. Just go slow and you won't feel any harsh bumps.
Unfortunately, there were two incidents till date that caused damage to her.
1.A stray stone hit the underbody just behind the front wheel well. It caused a dent, almost 6-7 cm wide. The only sound I heard was a slight 'thud' and the stone did not cause any loss of control. Mind you, this took place on Sion-Panvel highway outside Juinagar station and at a good speed (> 60 kmph). There was a lot of debris dumped on the side of the road during the road widening work. Took a good 2 weeks to repair and paint since the whole panel was re-painted. Workshop people were proficient and did an excellent job.
2.Waiting to take a right turn, there were cars ahead of me, but stationary due to traffic , was T-boned by a rashly driven Activa. The front wheel hit Vespa below the front glovebox on the left side. The activa guy was driving in between cars and didn't see all the stationary cars ahead of him.

Fortunately the damage was only a cracked footboard. Funnily the Activa's mudguard went into the front wheel and it would not rotate. I was not at all hurt since both my feet were on the ground. This was just 100 meters from my home. I was wearing my MT helmet and LS2 jacket at the time.
Please wear protective gear even if you are going out to buy some milk
In both cases insurance took care of the expenses and being zero dep I was not charged even a penny.
Kitna deti hai section
I rigorously maintained a log of fuel + distance for first 6 months and some of the observations are:
Avg mileage in first 3 months - 43.6kmpl
Avg mileage in second 3 months - 53 kmpl
Avg of 6 months - 48.3 kmpl
All calculations were done using the tank full to tank full method. The initial mileage was very poor - in the run in period. The best mileage was while maintaining a steady 65 kmph as indicated on the speedometer. If your speeds fall below 50, you will get terrible mileage. I don't know why, but at speeds 60-70 kmph you get the best mileage, before falling at higher speeds. Piaggio should have given a bigger fuel tank though - 7 litres feels a bit on the lesser side, though its a bit higher than some other brands.
Service experience
The paid and free services are alternate up till the 2nd year. Service costs are remarkably lesser them my expectations. The free service is actually free - I have 2 bills for Rs. 0.00 and some for around Rs. 200 if oil was replaced. Paid services are around Rs. 400 (only servicing) and 600 (oil + oil filter replaced). I found this acceptable since Vespa uses the Petronas synthetic oil (5W40 grade).
Also the servicing happens without any rush, although there has been a steady increase in number of Vespas coming in these days. The last service was just 4 days ago. Perhaps my experience is so much better due to the competent people at the workshop.
Incidents to show Vespa is a head turner
1. I was flagged down by a traffic cop. I started to remove my wallet to show licence and insurance, when he stopped me and said "vo sabh hoga aapke paas. Gadi maast hai! Kitna mileage hai ? " (You must have the papers. The vehicle is awesome! How's the mileage?) . Chatted up with him for a couple minutes and went.
2. A mall parking attendant was highly impressed by Vespa and asked if I had got it a few days ago. The expression on his face was priceless when I mentioned that she's almost a year old.
3.Innumerable incidents of people ogling her (verb. to look amorously, flirtatiously, or impertinently).
Parting shots 
At Belapur, above the railway tunnel

12k kms done, and many more expected