I just switched from a 2011 Limited to a 2012 CVO Ultra, which I got for $2,500 under MSRP. The limited is a great bike and the 103 has had many improvements, including SE Compensator, improved breather for the heads, etc., etc.
I too am very tight on my dollars, but having purchase the CVO Ultra I believe it is well worth it, and did not even consider the 110 ci motor as any incentive. Just all the extra's beyond your expectations. The linings in the tour pack & saddle bags, lighting in both, hydraulic clutch, IPOD, GPS, bike cover, chrome f/end, beautiful (and I mean beautiful) chrome wheels, very comfortable dual heated seat, top of the line paint job, down to the chrome end bolts and metal air cap stems, everything is very very nice.
Initially, I had a hard time justifying the expense of the CVO, but once you realize all that it comes with it, you realize you are not being short changed and you cannot come anywhere close putting together the ammenities that are standard on a CVO for the cost of upgrading the limited.
If you do not plan on upgrading all the extras that go with the CVO, onto the limited get the Limited. If you plan on upgrading, save yourself time, money, and trouble by buying the CVO. JMHO, and I am tight on the dollar!
If you go with the Limited drop in a SE 204, a TTS Mastertune, Arlen Ness Big Sucker, and some good 2-1 pipes, and that will be a runnin SOB, I guarantee it! Bullet proof! I can't vouch for the 110ci, I just don't know.
I will never buy a non-CVO bike again, providing this 110 motor proves reliable.
PS, you can buy the 2012 CVO Ultra all day long for $35K on Cycletrader, just refuse pay setup & freight.