Summitboy,
That is why I said "pretty good". Ha. While not perfect, the KTM stats are worlds better than nothing and will typically let you run good temps. My stock stat did as good as can be expected on a 2004 KTM 525 before engine cover, but adding the the engine shroud changed it from pretty good to near perfect. Yes a stat with no bypass might be even better, but mine runs between 180 and 200 degrees all day long on the original 2004 KTM stat with an engine cover. I was just saying the KTM stat is pretty good and will do the job if one doesn't want to keep tinkering or spend the money on the thermobob or avid stats and housings. I actually planned on upgrading to those, but once I put on an engine cover and my bike running at the desired temps like it does, I can't justify it because what would improve? I already have a coolant temp sensor plumbed, but for those that don't, the benefit of the aftermarket stat housing having temp sensor fittings would be another perk.
Hiltz,
If you want to jump in and have the time and money now, then I agree with summitboy on going ahead and doing a thermobob or avid right off the bat. I was just saying the stock is pretty good and by adding the engine cover, you may find there is no need to change from the stock stat.
Oh, and either wrap and silicon your exhaust pipe, put on a pipe guard, or ensure your pants are heat resistant on the cuffs to avoid melted pant leg. Two years ago, I removed my pipe and wrapped it and then used an entire can of the wrap-specific silicon sealant over a two day period and it's still good after two seasons (though I did touch up the pipe, while still on the bike, with about a 1/4 can of the same silicon spray. Only a handful of rides last year so the pipe wrap is good to go for a third season).
It will smoke and stink the first time or two you start it and it cooks a bit, so do that outside, but it's worked well for me and seems to reduce steam as well. Just make sure it dries out well at the end of each ride. Generally moisture in the wrap is only an issue if you do not silicon seal it or as the silicon wears off or is damaged. In those instances, wraps can get some moisture in it and you want that all burned out rather than sitting with it in the wrap and the moisture against your pipe. The trail ride back is typically plenty to ensure it's pretty dry and heated up but just something to be aware of.