I see a lot of younger guys (20's-40's) riding V-twins; S&S, STD and some HD; but they're riding custom/semi-custom bikes that aren't Harleys. I don't think the engine concept has necessarily lost luster but the "stock" packaging may have.

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1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15
'06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod)