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Ballsy topic! 
It depends how you look at it i.e., if Karzma has lost its appeal. It's a very simple thing to discuss about a motorcycle in this case, and quite arguable as well. Differences in opinions are obvious and an argument is inevitable when point of views are different. You look at this motorcycle with respect to competition, and the decision will be pretty easy to make! However, you look at this motorcycle only, without comparison, and your opinion may become a bit indifferent! When a society evolves, the level of need and demand changes. I mean, we can use an example of mobile phones. There was a time when a basic colored screen mobile phone used to be appealing. But I believe that today many people would prefer a feature rich phone with a beautiful screen.
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And right now we are mainly talking about Karizma/Karizma R here. Honestly, the odds are against it -- the specs aren't impressive anymore with respect to competition, and so is the performance. The features or lack of them aren't making things easy either. However, if this motorcycle is still filling someone's cup of tea, he will still pretty much want it/keep it. But frankly speaking, the desirability is pretty less today when we are aware that there are other motorcycles in the market that are better than the Karizma in many areas and offer great variety! However, the brand loyalty is something that is a big deciding factor for many people while purchasing a motorcycle or any vehicle. The lack of features in Karizma is keeping it very much within the budget of motorcycle buyers out there. There are people who do not give a damn for techno wizardry, for these people, karizma will still be pretty charming with it's pretty good performance, a solid n smooth engine, comfortable with a hint of sportiness in the riding position and a generally very reliable overall package (still the biggest bragging point about it).
I repeat, the brand loyalty changes the meaning of "still has appeal" for many people! Not to mention, you get a 223cc (psychologically satisfying) motorcycle without burning a whole in the pocket. Ofcourse there's Pulsar220 within few grands of difference. But as I said, the one who wants a Hero will not be charmed by a Bajaj.
I believe every point in my post is arguable. As few members have already written, there's Duke now, then there'll be the new pulsar very soon (the biggest nemesis of Karizma)! Even after having written all the things above, I believe it's nearly impossible to say that Karizma has its appeal purely on the basis of logic. We guys here have seen so many changes in the motorcycling world in our country while the Karizma has been kept same since 2003. Obviously anything that old and without any upgrades certainly cannot be appealing for bikers like us. For example, a p220 does almost everything better than a Karizma. The upcoming Pulsar NS would be absolutely out of Karizma's league. The new pulsar NS wouldn't even care if a Karizma is around. It's that advanced with its chassis, design, engine and performance. I am talking pulsar here because the pulsar has been Karizma's main competitor. A product loses its appeal or charm when something more appealing comes, and there are lots of motorcycles that are more appealing than a Karizma. Again it depends how you look at it, a karizma may be appealing but definitely not appealing enough when you look at other motorcycles. So there! It's a good motorcycle, but it's now become not-good-enough! In my personal opinion, Hero should have discontinued karizma and should have put all their heart in making a better ZMR.
But I will say that some members need to judge karizma on the basis of what it's capable of and not what its manufacturer marketted it as (tsk tsk Premium)! If we continue to talk about it's "Premium" tag, we will only ridicule this motorcycle. I mean it's just a tag, right!
It depends how you look at it i.e., if Karzma has lost its appeal. It's a very simple thing to discuss about a motorcycle in this case, and quite arguable as well. Differences in opinions are obvious and an argument is inevitable when point of views are different. You look at this motorcycle with respect to competition, and the decision will be pretty easy to make! However, you look at this motorcycle only, without comparison, and your opinion may become a bit indifferent! When a society evolves, the level of need and demand changes. I mean, we can use an example of mobile phones. There was a time when a basic colored screen mobile phone used to be appealing. But I believe that today many people would prefer a feature rich phone with a beautiful screen.
---------
And right now we are mainly talking about Karizma/Karizma R here. Honestly, the odds are against it -- the specs aren't impressive anymore with respect to competition, and so is the performance. The features or lack of them aren't making things easy either. However, if this motorcycle is still filling someone's cup of tea, he will still pretty much want it/keep it. But frankly speaking, the desirability is pretty less today when we are aware that there are other motorcycles in the market that are better than the Karizma in many areas and offer great variety! However, the brand loyalty is something that is a big deciding factor for many people while purchasing a motorcycle or any vehicle. The lack of features in Karizma is keeping it very much within the budget of motorcycle buyers out there. There are people who do not give a damn for techno wizardry, for these people, karizma will still be pretty charming with it's pretty good performance, a solid n smooth engine, comfortable with a hint of sportiness in the riding position and a generally very reliable overall package (still the biggest bragging point about it).
I repeat, the brand loyalty changes the meaning of "still has appeal" for many people! Not to mention, you get a 223cc (psychologically satisfying) motorcycle without burning a whole in the pocket. Ofcourse there's Pulsar220 within few grands of difference. But as I said, the one who wants a Hero will not be charmed by a Bajaj.
I believe every point in my post is arguable. As few members have already written, there's Duke now, then there'll be the new pulsar very soon (the biggest nemesis of Karizma)! Even after having written all the things above, I believe it's nearly impossible to say that Karizma has its appeal purely on the basis of logic. We guys here have seen so many changes in the motorcycling world in our country while the Karizma has been kept same since 2003. Obviously anything that old and without any upgrades certainly cannot be appealing for bikers like us. For example, a p220 does almost everything better than a Karizma. The upcoming Pulsar NS would be absolutely out of Karizma's league. The new pulsar NS wouldn't even care if a Karizma is around. It's that advanced with its chassis, design, engine and performance. I am talking pulsar here because the pulsar has been Karizma's main competitor. A product loses its appeal or charm when something more appealing comes, and there are lots of motorcycles that are more appealing than a Karizma. Again it depends how you look at it, a karizma may be appealing but definitely not appealing enough when you look at other motorcycles. So there! It's a good motorcycle, but it's now become not-good-enough! In my personal opinion, Hero should have discontinued karizma and should have put all their heart in making a better ZMR.
But I will say that some members need to judge karizma on the basis of what it's capable of and not what its manufacturer marketted it as (tsk tsk Premium)! If we continue to talk about it's "Premium" tag, we will only ridicule this motorcycle. I mean it's just a tag, right!
I don't have much knowledge compared to you guys , but it seems like you guys got very much firstrated because of the attention Karizma's getting & proving itself in those years . 
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