Alright squids, let's get something straight here, so far nobody's mentioning the >7% spedometer error thats built-in to the stock bike! All the jap bikes have similar errors built-in (cars, Harleys, and some euro bikes have a lesser error, like 2 or 3%). Therefore, for you to be doing a true 185 mph on your Gen 1, the speedometer would have to say 197 or 198.
Of course this doesn't happen. From the 2002 model year onward, motorcycle manufacturers agreed to electronically limit the speed to no more than 186 mph. But this "limiting" is done at the true speed, not indicated speed. If the bike is not capable of doing a true 185 mph in the first place, no electronic speed limiter is required.
This is the case with the Gen 1. Although its power-to-weight ratio is quite impressive, the smallish fairings render it aerodynamically draggy at high speeds. This bike was designed for road racing, not top speed. A friend of mine has a 2000 Busa (i.e. before they started installing limiters). If everything is perfect, his bike will do 194 mph true on GPS. However, his speedometer needle is bouncing between 215 and 220 mph! There's a lot of guys with elecronically limited Busas and ZX-14s that think they're going 200 mph (because the speedometer says so), but GPS or a radar gun will show they're only going 185.9 mph.
A good running Gen 1 could indicate 189 or 190 on the speedometer. But a high quality GPS will reveal that you're only doing about 178 or so. If it's ultimate top speed that you want, you got the wrong bike. But if it's a trackday bike or a hooligan bike (wheelies n' hellraisin) that you want...you got the right bike!!