The bike will run at stoich (14.57 to 1) when in closed loop. Not a bad thing, not good for performance and decel popping or afterfiring will return at closed throttle when the engine is overrunning. Otherwise when open loop it is relying on what the fuel tables are telling it. So if more air is moving through the engine because of intake or exhaust mods, the ECU has no way of knowing when open loop.
While the stock tunes are closed loop for a small portion of the a/f map, on your average (right elbow horizontal to the ground) ride, you will spend a large portion of the time in that range (closed loop).