Rex,
Sorry you are having trouble. It certainly could be the clutch splines. It might not be, though. Normally, the bike will lose all motive force when the clutch splines strip out. If the clutch can be let out, in gear, and bike held motionless (yes, it will grind)... the splines would certainly be the likely problem. The bike might try to move with
much less force than normal with stripped splines, as there could be a small amount of friction from the remnants of the splines grinding on each other. But if the bike moves forward as usual, then you are looking at a different problem.
Bob and Herb,
I've been having those thoughts since we first started seeing this issue occur with some regularity.
Look at the pictures (above) that Bransan posted. Your splines may be just as perfect as his. Cyclerob, inspected his...looked great too. I've seen others who have inspected and seen no wear at all. Getting rid of a perfectly good bike (presumably one that you really like) might be a mistake.
There is only one way to
know... they need to be inspected. 27K or 40K, you guys should have many good years left in those bikes. I plan on opening up mine in the near future (end of summer probably). My bike is at 21K now. I realize that DIY spline inspection is not a good choice for everybody.
My bike has been well maintained. As long as I don't have a spline issue, this bike is going to do me well for a long, long time (at least another 60K miles). It's been paid off for a long time. I really like the bike. It is my cheapest (long term) motorcycle option at this point... by far. I'm just not in a financial situation to trade bikes on whim, or fear.
Even if I paid a professional to do it, it would still be my cheapest (long term) motorcycle option. Of course, that is assuming that my bike does not have an spline issue.

If it does have this spline problem, I'll know it. I won't get stranded. And I'll be back on a Honda by next summer.
If you guys can afford to swap bikes without much pain in the wallet...why not???... I'm jealous...

Myself, I need to have proof that my bike has a problem.
I was dreaming when I wrote this, forgive me if it goes astray...