I'm getting an average of 45 mpg (US) on my 750K2. This is a mixture of city and back roads, with probably about 70% of that riding being backroads. My setup is 110 mains with the clip in the 2nd position from the top & stock air box & filter. I have a pamco electronic ignition with my plug gaps set to 0.035". So with more city riding, it would probably drop to about 40 mpg or so i'm guessing, but that would be about its minimum.
Actually on one run, i recorded 51 mpg which was the most i've seen.
On thing that can affect MPG is ignition timing, so make sure that you are firing on the || at full advance. Overly retarded timing drops power substantially and you need to open the throttle more to compensate for lost power (also generating more heat).