So tell me how much and what kind of improvment this setup provides over stock on an 05 fxd. Has anyone changed the compensator to a different size? does it make a noticable improvment?

 

Since you have a 5 speed you might want to consider the 31 tooth instead of the 30 tooth. I run the 31 on my 05 and am very happy with the results. A little quicker off the line and at highway speed I have no problem passing in a hurry when needed, even riding 2up which was my primary reason for the upgrade since I ride 2up a lot.

It is roughly a 5% change in RPM's, I run around 3,000 RPM at 70 MPH.
If you have it done, replace your belt while you are at it since you will have everything open.