Yes in a perfect world, as if you use the bike for a touring means of transport, those mpg can be achieved easily.
I have a 07 R1 as my play toy, which i love, but wanted something else to slow me down with more comfort. Had R1's for the past 10 years and i found myself getting stupidly fast on the road. But theres another side what's creeping into my biking needs and thats to just chill on a bike, take it easy. The R1 doesn't like doing slow, has anger management issues if you just want steady. Cracking bike at Cadwell park circuit mind you.
So that's why I got the Fazer 8, but don't get me wrong, ive ohlins front springs ready to get slapped in the front forks, I've raised the rear 40mm and fitted a FZ1 rear shocker, all to make it handle that bit better with throwing it around and a Scorpion Serket Carbon can, to help that mid range on the engine.
Ive taken it to south Germany, been in the Austrian and Italian alps and got sick to the teeth of hairpin's with having some amazing roads.
But the fazer, let's me turn off and will do quite respectful mpg when needed. Given the price of a gallon of petrol in the uk of about £6 (9.44$), I'm happy with it.