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Maybe not. Maybe when we coast with zero fuel consumption it assumes we're getting 150 MPG, which would explain why everyone gets about 2MPG better by manual calculation than by the odometer.
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I doubt it actually stores an MPG value at all. It probably just logs miles (odometer) and fuel that has been injected as a single value that accumulates. The average would be displayed by simply dividing these two values periodically, and I don't think the simple display can "understand" anything over 150, so any time the calculated average exceeds that, it simply shows 150.
What has usually been found with these things is that they are very precise, but somewhat inaccurate -- meaning they are off by some consistent amount. On the '03 years for example, they are about 10% optimistic. It should be possible to calibrate these however, then they would always be accurate.