Cool Idea, but it needs new suspension to be really usable on the dirt.
Frodus: I think you are right about the rear fender, it needs to be longer but fron not so sure. I have a KTM 950 Adventure as well and it only have a standard floppy frontfender like the Empulse and it's as aged well with thousands after thousands of miles on the dirt. But if you want to take it out in mud you need a high fender or it will in the end lock up the front wheel with all the mud.
Just my .02