The powerplant has been updated to the current R1 donk, albeit retuned for a greater emphasis on mid-range performance.
We're also told the chassis has come in for a rework, while the riding position has a more forward sports feel to it.
Here's what Yamaha reckons it has done to the bike:
R1-style fuel injection with computer-controlled sub-throttle valves provides precise fuel/air mixture for superb power delivery across the entire rev range;
Closed-deck cylinder block provides great strength while allowing a narrow engine in spite of big, 77mm bores;
Narrow-angle five-valve combustion chambers produce a highly efficient 11.5:1 compression ratio. Big valves and high-lift cams flow plenty of air;
Four-into-one chamberless short-style exhaust contains stainless steel EXUP and three-way catalyst with O2 sensor for outstanding power delivery throughout the rev range and low emissions;
High silicon-content ceramic-composite cylinder sleeves ensure great heat dissipation for consistent power delivery and reduced friction;
All-new 52-percent-lighter aluminum frame uses a special mold casting technique that allowed engineers to minutely vary metal thicknesses for optimal rigidity throughout;
Two-inch longer and more rigid Controlled Fill aluminum swingarm reduces drive chain-induced suspension movement for excellent handling, tire grip and looks;
43mm fully adjustable inverted fork contains compression damping circuitry in the left leg and rebound in the right- proven effective on the YZR-M1 MotoGP bike-as well as stiffer springs;
Two 320mm front discs squeezed by monoblock four-piston calipers and a 2mm bigger master cylinder for strong stopping power; 20-percent lighter, 245mm rear disc with thicker pads for longer life;
Removable subframe for easy maintenance, and detachable passenger footpeg mounts for even more stripped-down style;
Lighter (10-percent front, 8-percent rear) R1-spec five-spoke wheels and fat radial tires, including a 190/50-ZR17 rear, complete the look.
Prices are $16,699 for the S and $15,999 for the N -- both plus ORC.