Good thoughts, fellas. But it only frustrates me further.
I thought the exact same thing about the cable stretch. A few weeks ago, digging through a box, I found a brand spanking new clutch cable (I found the receipt for it, too) so I decided to install it today to see if it made any difference. It didn't.
I managed to record a short video (this is with the new clutch cable) and you can hear the transmission engage in the video. The video starts with me rolling the bike in neutral. Then, I drop it into first (struggle with it a bit

) You can hear the transmission "thunk" quietly both when the bike rolls forward and back... remember this is with the clutch pulled all the way in. I then take it back to neutral and roll it.
Now, while riding, it seems to shift just fine and if I'm stopped with it in 1st and rev the engine, I feel no engagement at all. So maybe it's okay?
So take a look at the video and tell me what you think. I added some annotations to so you know when it's in neutral and when it's in first.
Video:
http://www.youtube.com/watch?v=ICiJqCZC71w