Running Lean or Rich

I have V&H True Dual Headers, V&H Ovals and a Power Commander III, Ness big Sucker and stock ECM on my 05 RK. I down loaded map M807-179 into the PC III. My buddy with the exact same set up just had his ride on the dyno and found out it was extremely lean. I plan on doing the same with mine but wanted to know
1. if this could be the cause for all the popping during acceleration and deceleration.
2. What kind of damage could be done by running lean...what should I look for?
3. Could lean running cause the bike to burn oil?

Thanks for the feedback

It sounds like your lean. Fix it asap because you could do alot of damage. The engine will overheat, valves can burn and detonation (ping) can put stress on internal parts. If you run this engine lean it could damage the rings and let oil past them to burn and extra air to pass by them into the crank case to be blown out the breather which will carry oil vapor with it. I could go on more but I think you get it.

MPH, I recently had a clogged air filter ... it's an oiled air filter and it was over oiled. I put the filter on new and I know it was not over oiled. Could this lean mixture been related?

Update ... I had the bike dynoed today, it was running very rich. A custom map was put in and now I average 12.5 for fuel/air mix, and have 77.17 max torque and 73.04 max power. I recommend anyone with a Power Commander to have their bike checked by a dyno tech.