The 1500 Vulcan engines (now 1600) have been around a long time and are pretty much bullet proof. The Nomad is nice bike and yes way cheaper then a Road King. I have 2001 Drifter 1500 in my stable with my 2 HDs.
You can still do the usual upgrades to the Nomad such as:
pipes
air kits
PCIII USB
after market seat
lightbar (yes you have to add it, it is not a stock item and it very easy to install)
Remove AIS & other EPA crap (I removed all of mine)
The Dephi Vulcan forum is great info place but Gadgets website has tons of info as well.
http://www.gadgetjq.com/