I am very, very happy with the mpg of my '11. My old sport touring bike was a '91 Katana 1100, which averaged 38mpg on the highway.
In eco mode, I can get 50mpg on the connie, exact mpg depends on speed of course, it seems to take a dive above 65mph. I did a trip to Victoria, B.C. last month and the computer said that my average mpg was 44mpg.
Yes, it is true that mpg takes a huge dive in the city, but you can say that about any bike (my katana in city only driving got about 27mpg).
As for brakes, mine are fine at 15,000 but then again, most of the miles have been touring. The stock tires were toast (rear showing steel ) at around 5000 miles or so.
I have around 9,000 miles on my PR3's and they still look good. Wear determined by how your ride.
Tire recomendation is always michelin, pr2 or pr3, I like the pr3 for their magnetic like grip in the rain.