I haven't installed my Sirius SIRPNP3 (an older unit) on my 08 ABS yet, but I hope to this week if it stops snowing, raining, blowing, and being bitter cold. I did install a similar Sirius Sat radio on my 06 CBR, but I took it off after I broke it when I went down, but it was a different set up anyway as there was no audio system on that bike.
You didn't specify what type of Sat radio you're using, but you will need to decide how, and where, you're going to mount it and purchase the appropriate mount. You'll need a "car kit" for your particular Sat radio that comes with the 12V cigarette lighter plug (which will probably work better if you cut it and hard wire it into your system), antenna (10-12'), and a cradle. TSS radio, http://www.tss-radio.com/ makes a motorcycle specific Sat radio antenna that is only 6-8" long, I'd suggest purchasing that so you don't have 10-12' of antenna cable zip tied up somewhere in your faring. Mount your Sat radio, connect the audio output from the Sat radio to the Ipod input (on the left side of the faring; the little pigtal may already be connected and routed to your left side faring pocket), if not connect it using the factory supplied pigtail. If you want to use an Ipod on occassion, connect it using a 2-to-1 cable, then you can listen to either Sat radio or Ipod. Hope this helps.
PS: Plug and play is good because you can pay for one Sat radio subscription and use it in several vehicles. I have two plug n play receivers, one for me and one for my wife. They are switched between 3 cars, two motorcycles, and 3 boomboxes. It's very cost effective. I used the factory installed Sat radio in my F450 during the free 6-month trial period, but couldn't justify the expense of continuing the subscription after I considered the annual cost of the factory Sat radio vs. the cost of a 1-time car kit installation to use plug n play.
My Pioneer Inno and dock reside inside the fairing pocket and I use the factory aux cable. I have my antenna mounted on the top of the w/s vent where I get the best reception. It leaves a bit of exposed cable, but not too bad. Only downside is I have to stop and open the fairing pocket to change stations.