From some of the testing i have done, an oil cooler set up with a cooler the size of the one Mike's sells will drop oil temps from the 200-210 range to the 150-160 range.
It also brings the head and cylinder temps down about the same amout, 50 degrees.
On our bikes during most of the riding season, and the 1000-1500 oil change intervals, condensation won't be much of a problem.
Those who tend to do short rides in cooler weather, then condensation might be a problem.
I think the benefits of the cooler out weigh any condensation problems.
Several companies make inline temp controled valves that work like the thermostat in a car engine. Keep the oil bypssing the cooler until the oil temp reaches 180, then open up and oil circulates through the cooler to keep the temp about 180 to 200.
Jegs sells one for about $50.
The head temp sensors under the plugs would be a nice add on if the prices were better. A $40 infered laser thermometer is cheaper and can be used for many things. I have the item # 93984 from Harbor Frieght that works very well, about the size of a cigarette pack. They sell a smaller one but the max temp is to low on that one.
Easy to use, when stopped in the hi-way traffic jam just pull it out and shoot your engine. It has a neck cord with a quick disconnect.
Leo