Since I've got a bike with a belt drive I'll throw in a couple of things I like/dislike:
Likes:
Low power loss
Quiet
minimal maintenance
Long life (40-60k miles)
Easily adjustable
NO LUBRICATION :rock
Dislikes:
Large sprocket/cog required (width and diameter)
Expensive
Limited power service (115+ hp requires chain conversion on my bike)
Rear hub not built for high hp (bushings will shred)
Basically the first things that would happen if a belt drive were integrated to the R1 would be be either A) the rear hub bushings would give out, or B) the belt would strip itself out on the cogs. Maybe if they made a more aggressive tooth pattern it would work. Mine are shaped like large arcs. I'll have to post a close up pic of the belt later. I love the belt drive but my upgrades are going to force me to go with a chain drive.

Just my input since I'm on the other side of the coin:yesnod