Super old thread but I figured I'd chime in for science, I routinely hand calculate and compare to the computer, and as a rule I get 2mpg better actual than indicated. My last trip I filled up at two hundred sixty something miles, took just five gallons, still had three bars showing. Side bags and trunk loaded, fairly fresh tires, 40-85 cruising speeds, but vast majority about 60. Hot weather, screen down.
I am a fairly aggressive rider in the Twisties but pretty easy on the throttle everywhere else. My last trip was about 500 miles through the mountains with a few good climbs and descents, and my tanks were 48, 50, and 52 IIRC.
I typically run ethanol free, and did for that trip. I find my local riding with shorter trips and running hard through the corners, I get 41 to 44.
I typically get below average mpg in my cars and on my motorcycles, and find this bike to be phenomenally efficient. It was rare for me to break 39mpg on my vstrom 650.