The last time my bike went down, the right peg survived, but the mount broke off instead. I'm not clear as to whether this was broken when the bike went down or when drunk people felt the need to right it (using the peg as a handhold) after a drunk guy caused the bike to go over, but this is much more annoying than just the peg breaking. Currently I have a bolt doing peg duty, as I'm low on funds. Also, I haven't found a new Aluminum guy locally to do the welding work, that will handle such a small job... plus this also involves the rear brake assembly. I recently had an acquaintance weld one of my sidebag brackets, but it took months to get that back, as he kept leaving it at another location... so I wasn't about to decommission the bike to fix my pedal for months on end, especially during riding season.
I currently have bolts on both sides of the bike (left peg was torn off, along with the left passenger peg when the bike went down a while ago). Passenger pegs are removed. I have a suitable part to fix the passenger peg mount (weld didn't take), but haven't felt the need. This is one reason why I don't have any current bike pics posted; I'm a little embarrassed about all the cracks in the fairings and such... but she still runs fine at least.
And I did the peg grind beforehand, btw., when I first bought the bike. When you remove the peg, you'll see the 'tab' that stops the peg from retracting completely. A few minutes with a Dremel or whatever, grinding this into a round shape will allow the peg to fully retract. This will save your pegs a good amount of the time, but not every time.
So I can definitely relate to this. If this bike was still in production, I could see a market for steel pegs, and steel peg mounts.