The car is in good tune with no vacuum leaks whatsoever. The mess under the intake was checked recently, two hoses were replaced, and it's dead smooth, though there are a few things potentially working against it.
First, 10 miles of my 32 (one way) commute are on a 55 mph road with quite a few lights (12, I think) and a fair amount of traffic, meaning there is quite a bit of acceleration to ~60mph, sometimes more, then deceleration. Maintaining anything like a constant speed on that road is impossible and that will eat fuel.
Second, the car is wearing relatively wide tires for its size (205-55-15) possibly giving slightly greater rolling resistance and poorer aerodynamics.
Third, the car has a 93 octane chip which definitely produces more power than the stock unit. I don't know if this has had any effect on fuel consumption but because it does change ignition and fuel mapping, I'd assume the potential is there. Any data from Mark D on this?
Old EPA ratings for the car were 19 / 25 mpg city / hwy, so I think ~27 mpg in mixed driving is pretty good.
It beats the 19-20 mpg that my 535i was getting...but I miss the torque sometimes!