Were the brakes on this bike ever any good, or are they just different in their feel? Do they actually stop you fine, but maybe don't have such a responsive 'bite' as you're used to?
It may be that your brakes are the same as every other 749 out there, but just not the same as another bike you've owned.
There are loads of variables here that will effect how your brakes feel. Lever adjustment, master cylinder, fluid type, line type, caliper, pads, disk.....some combinations will be extremely responsive and have very little movement at the lever, whilst others may feels a little spongy and require more effort to pull. It depends on what you're used to and what you prefer.
Even with the very basic brakes on my CB500 race bike, I've done a lot of fettling to try to get the right feel and I now actually prefer to have to pull the lever very hard to make the bike stop as opposed to having very little freeplay in the lever. The effect is the same in that I don't detect any difference in the stopping power/distance, just a different way of doing it.
Unless you're at the extreme of your brakes, ie doing stoppies, it's unlikely there is anything 'wrong' with them. Check for air and leaks in the system, I'm assuming your fluid is new, check everything is done up tight and the line isn't kinked or snagged anywhere, check the disk isn't warped in any way. Try using some brake cleaner on the pads and disk and rub the pads a bit with some wet 'n' dry. Get someone else to ride the bike and give you an opinion. Ride someone else's 749 and compare them. If it's still the same. Seek help.
[Edited on 15-11-2004 by WeeJohnyB]