This is a question I asked myself many times. Please don't take this wrong. I have been running my bike without a tuner for over 17K miles. 07 FXST, and it runs fine. V&H Bigshots Staggered, SE A/C with K&N Filter, SE Plugs and wires. I am an avid reader of American Iron Mag and in several issues they state that they have found that HD Download and or tuner is not necessary. Being curious and tossing this question around even today, I had my bike placed on a Dynojet Dyno machine. I was surprised,
Max Power - 75.21
Max Torque - 86.78
Fuel & Air - around 13.5 to 1
Now, we all know HD runs lean from the factory around 14.5 to 1 which is why they all run so hot. Dang EPA.
Anyway I included my Dyno Sheet for your pleasure. I checked my plugs for proper color and they are right on. I was surprised myself so, I went to HD with my Dyno sheet and they were as surprised as me. They told me that all engines are not the same as they are built within a certain spec. Some are better than others. I guess I am just lucky. Purchased a Dyna Street Bob for my wife and did the same to hers, no download. V&H Big Radius Pipes, SE Air Cleaner, SE Plugs and Wires. So far after over 5K miles hers runs great as well.
I just think it's a money maker and HD is told that they have to tell you that so they can make extra money. O2 Sensores, According to AIM will adjust within limits of course but either I am lucky or I just don't beleive the hype. Who knows the real answer.
Either way, I took my chances and it works out for me. I still ask questions though if I should use a tuner or not. So far I just have not been convinced.
I will tell you that most are surprised at the power my 07 FXST gets from having no Fuel Tuner. Thats the main reason I was concerned because you know the old saying (Lean is Mean) and at takeoff I was killing my freinds victory with a 100 CI engine.
I say, make your choice and see what you get.