Rims centerline should be over the centerpoint between the two spoke flanges on the hub. I also have noticed on my 750 that the rear wheel centerline is slightly offset in the swingarm. I believe it was shifted to the right by about 1/8 inch. After much checking (levels, plumb bobs, tape measuring, string lines etc) and confirming that all spacers were of installed correctly I "determined" that this was stock. Jonesy, are you basing your comments on theory or measured reality? I also initially felt that things should be perfectly centered but all parts are stock and correctly installed. I started a couple of threads on this subject a good while back and others observed the offset too. On my stock 750 frame anyway, the stops on the upper shock mounts are not symetrical with one protruding (the left one) farther from the frame rail than the other. Swingarm assembly seems to be shifted a bit to the left, lineing up with the upper shock mounts. Wheel shifted back slightly to the right in the swingarm to achieve centering with the overall bike. Its all stock and correct! Perhaps Honda engineering to give the chain a bit more clearance? I also performed a front to back wheel alignment using string lines. In the process it became apparent that the alignment marks on the swingarm forks were a good bit off. Bike now handles like a dream with new steering bearings, new swingarm bushings and a proper alignment!