Cruiser bikes are cool, don’t get me wrong, I would love to have an S40 for tooling around town, but I would buy it fully aware it was not intended for comfort or high speed.
Pegs are either forward, central or rear set and as a rider that spends 90% of the time standing to keep a low center of gravity, central offers by far the greatest control on bumps (specially over the 3 foot high bumps If you look at a photo of a rider on the s40 see: http://www.totalmotorcycle.com/photos/2005models/2005-Suzuki-BoulevardS40.jpg two things are immediately apparent. You can’t stand up on the pegs or even transfer much of your weight onto them, without lifting yourself by the bars. Secondly when you hit a bump with the back tire, the force is transfered directly into your spine.
Rear sets offer the best crouch for speed, but again if you hit a bump, you tend to rag doll and hit your chin on the tank.