Dave,
I raised mine as I was getting sore wrists and numb hands when riding slowly around town.
Mine is a '99 model and I needed to get a longer upper brake hose. I decided to fit Earls braided hoses (£75 for the three front hoses) as they were a lot cheaper than G**drich.
I moved the wiring on the left to outside the fork leg, as advised by a US company who sell a fairly naff looking 'C' bracket affair.
Jason is right, the exposed lugs do look naff. However, I wasn't prepared to spend £150 for new ones! I've mounted the Oxford heated grips control unit on the left lug and will probably mount my vanity mirror on the right

.
I'm really happy with the new riding position.

The bars are raised by 2 1/4" and brought back by 1".
The only slight concern is that the 'belt & braces' of having a securing lug is now gone. However, in the old days bikes only had a pinch bolt ! I reckon that, as long as it's well tightened and checked periodically, it should be OK(disclaimer, disclaimer etc.).
All the best,
Mick