Thanks for your replies. I currently ride a Honda CBR 150R, decent bike, but underpowered, stiff suspension, feel every bump in the road and uncomfortable forward leaning riding position especially for anything other than city rides. I really wasn't looking for such a bike, but I was able to buy it from my next door neighbor on the cheap with very low mileage.
I've read some poor reliability and build quality reviews on the BMW and costly service and repairs. Also, I want to get away from a single cylinder thumper and opt for a parallel twin for overall smoothness and power. I don't ride all that much so I'm more interested in picking up a low mileage second hand model versus purchasing new.
I agree that both models seem to fit the bill, Versys maybe better for off road use and the CB 500X on road. I've sat on both and like the ergonomics, seating position of both although the CB 500X has a more comfortable seat. I've ridden an order model 2013 CBR 500R before and it was a nice comfortable ride with a little forward lean, but not so much as the CBR 150R I have now.
I have seen Ian Wheldale's YouTube videos discussing his Versys-X 300 along with many others. As has been suggested, I guess I need to give both bikes a ride, but I do find that available second hand models of both seem to be few and far between, but I'll keep looking, thanks.