I have the British Flag tank and fender on my "02 BA and the flag itself appears to be a decal applied over beautiful mulbury (sp) Red and ... silver, then clearcoated. You have to see one to appreciate it. There is a tank and fender on ebay now with the American flag but I haven't seen one on a bike myself. The word decal doesn't do justice to the appearance. IMO the British flag setup is a good way to highlight our bikes that are at least assembled in England.
Steve