Just wanted to share my recent success story. I have a 2003 V11 with Giannelli exhaust and K&N pods. The bike suffered from the proverbial "cough" at low RPM's. Nothing of consequence, just annoying (and apparently common). I knew there were some horse power being left on the table w/o the power commander (or alternative). So, I bit the bullet and installed one (PCIII USB).
WOW!
It's night and day. I love it!
No cough. More power.
I used the stock map from the Powercommander website: 706-502 "European model, Giannelli slip-on's, and stock or aftermarket airfilter"
Seemed like a good place to start, coonsidering... Looks like it was close to perfect.
I still have some testing to do (and I have not used a dyno), but I am very happy with the initial results.