An extra $200 gets you a whole lot more scooter in the Yamaha - in every sense of the word. (they did well not to park them on the sales floor next to one another - without a hefty discount, the Honda would be gathering dust)
The S-Max has a much longer wheelbase, bigger seating area, more weight for stability, nearly as good MPG's, able to actually reach 70MPH on level ground & straight out of the box and without a tail wind &/or a 130lb rider..
The Yamaha is just more scooter for the money. (and it certainly can't be harder than the Honda to service!)
It looks quite a bit larger on the floor - makes the PCX look a bit toyish, and sure seems to have a nice build quality upon my pretty close inspection (snowing here, so climbing on, over & under scooters at the dealer was an afternoon venture)
Honda builds good stuff , but Yamaha isn't exactly known for turning out junk either. This new S-Max looks like a nice vehicle (though, I'd still buy a Honda CB300F for the extra $250 @ $3999)
I know you guys love the look of your PCX's....but this Yamaha is pretty impressive to look at in the flesh, as well.
Shoot, that screen looks like it's worth the $200 difference in price alone.

Fish