I've snapped many many bolts and have had great success with reverse drill bits. Even if they fail to remove the bolt, you have a neat hole all the same for easy outs. Most of the time they alone are enough to back the bolt out though.
I've done it twice - fairly recently both times, and only on the right hand side.
Used an easy out once. Also used my dremel to cut a slot and then used a hammer drill with a flat blade bit to back it out.
Once it happened during practice before a race - I zip tied it on with metal zip ties and it held up!
After the second time, I began to think my rear shock is bottoming - I can't think of any other reason that much force would transfer to the footpeg bolts.
Happy days Nath!
How are your brackets looking? Showing any signs of fatigue? You going to replace them? How many hours on your steed now?