Just want to add that Chip may be on the high side. Even with my bike brand new and no mods I never got better than 40-45. I dropped about 5 mpg after all the initial mods (pipes, jets, needles), but it was worth it. I now consistently get 35-40 depending on city vs. hwy.
Makes me wonder how accurate the odometers are. Mine reads 2.5% less than actual miles traveled and I add that back figuring mileage. It's possible that some odometers could read more than actually traveled.