The range computation isnt very accurate, its more of a dummy warning. As stated above, I went 20 miles past the range saying I had no fuel. Keeping track of miles ridden is a better bet if you want to go through a whole tank.
Miles ridden (odometer) is only a good bet if everything always remains the same. Same exact amount in the tank when you reset the tripmeter to zero, same exact fuel formulation, same exact riding conditions, etc. In other words, in the real world just going by miles ridden is about the poorest method if you want to use the entire tank without running out along the way.
The best method is to check the calibration of your gauge. In other words, exactly how much fuel do you really have when the gauge reads 1/4, 1/8, etc. Then you can either compensate mentally if the gauge isn't real accurate, or better yet calibrate it so it is accurate. And if you have to have an error, it's much better to have the gauge read a little pessimistically than optimistically. Think of it as a reserve, like in the old days.
I would never assume a Harley gauge, or the miles to empty feature, is even remotely accurate. If you plan to try to squeeze the last half gallon out of the tank, it would be a very good idea to check the accuracy of the gauge beforehand, when you aren't in danger of being stranded on the side of the road somewhere.
Jerry