Based on many sources I have ascertained the following historical information about the Hayabusa. The name as you may have not heard comes from the Japanese Peregrine falcon. It is one of the few animals which can travel at about 300km per hour (in a dive). The designer apparently came up with the name whilst walking along the beach and seeing this bird. The colour scheme of gold/bronze and silver are similar to those of the falcon its self. Believe of not - it is said that this falcon often hunts actual Blackbirds which I still think is a PR stunt ! (Update: It is actually fact that falcons do hunt black birds and any other one for that matter.)
Having done further research, the 'Japanese Very Fast Train' which travels at about the same speeds is also called the Hayabusa. I think this was this pre-dates the Suzuki use of the Hayabusa term.
*I have recently been informed that the term Hayabusa was also used to name a WWII Japanese aircraft. Designated the KI-43 it was built by the Nakajima conglomerate and was classed a fighter. This was apparently the first use of bird names for aircraft. *Thxs to the Aviator for the additional information !
The Hayabusa is also a Japanese space probe. Launched by JAXA in 2003 its primary task is to land on a asteroid called Itokawa and collect samples and return to Earth in 2007 and expected to land in Australia - of all places ! Thnx to many who have sent in info esp. R Tammie for the article.
Follow this link to Japan Aerospace Exploration Agency
The Hayabusa was first rumoured to exist during 1998. It was finally launched in Spain on the Catalunya circuit in April 1999. It joins the lists of top speed limit breaking bikes over the years. In fact it is the first production motorcycle to break the 300kph barrier ! The namer of the bike is reported to be Suzuki Product Planning group - Akihiko Muramatsu.
Logical Competitors at the time of launch (1999) included : Kawasaki ZZR-1100 (ZX11) Honda Blackbird CBR1100XX BMW K1200 ZX-12R
The Hayabusa is classified as a sports tourer and not a sports bike in the vein of the Fireblade, R1 and the like.Note that Suzuki promotes the bike as the Ultimate Sports Machine.Note also that the ZX-12R was due for release in late 1999 but as it turned out was not ready - due to last minute mechanical problems. As history also shows, it simply wasn't a Hayabusa beating package as most wanted it to be.