My dealer just sent out an email offering $1000 over Kbb on a trade for a 2011 leftover. So, just for the heck of it i decided to look up my 2009 SERG. According to kbb the trade in value is $23,900, what shocked me was the 2009 FLHTCUSE4 was valued at $22,400. If memory serves me correctly the Ultra was $4,000 more new. What gives? 
I think what gives is a combination of a really lousy economy and a situation where Harley built too many bikes for current economic conditions. There are dealers out there discounting brand new 2011 models by thousands of dollars in some parts of the country, including CVO models. That will also depress the values of used bikes.
If you look at retail values, the FLTRSE3 shows an average retail of $29205 at KBB and $29945 at NADA. The FLHTCUSE4 has an average retail of $27645 at KBB and $31885 at NADA. It looks to me like KBB got the CUSE4 price wrong.
Jerry