Yep. I've only been pulled over twice on the bike. I deserved it both times, but still only received warnings. There have been many other times that I deserved to be pulled over and cited, but only got a flash of the patrol car's lights or a returned wave. Most recently, I got a flash of the lights and a wave for 70 in a 45. Around here, they can take you to jail for that. Lucky me, it was on a country road and the officer was likely waiting for a bigger fish to come along.
It has been my experience that 99.9% of law enforcement officials are perfectly reasonable individuals who understand why we love our hobby, and won't give us a hard time about it unless we are endangering the public. Don't act like an idiot, and in most cases you won't be treated like one.