Getting a bonded title probably means getting a surety bond for the title for 1.5 times the value of the bike (1.5 is for Wisconsin, other states may be different). That way if someone comes forward later with proof that they are the rightful owner of the bike they get 1.5 times the value of the bike. In Wisconsin, you have to send in pictures of the bike and they determine the value from that. The bad part is, not only do you have pay the premium for the bond, but if someone were to come forward, you'd have to pay the amount of the bond and also any legal fees the bonding company incurred. The premium you pay is just a fee for the bonding company basically.
That's how I understand it anyway. $175 for ITS sounds pretty good at that point. All you need is insurance, a notarized bill of sale, and notarized power of attorney, and a few weeks later you get a license plate in the mail from the state of Maine and a yellow registration slip. It's as if you actually went to Maine to register the bike. They use the power of attorney to fill out the forms in your name for the Maine registration.