If I ever drag a peg on the FJ, I'll be heading back to the house to change underwear. :blink:
It's just a little grinding noise. Being able to use ALL of your available lean angle is like being able to use ALL of your brakes. You don't want the first time you do it to be out of necessity. People practice the braking. The leaning, not so much.
One of the most common single bike wrecks in the canyons is like so: rider enters corner and
thinks he is too hot. They lean as far as they are comfortable, but they are still swinging wide. They panic, stand the bike up, and ride into the shoulder (hopefully there is a shoulder!). 10 out 10 times, they could have leaned the bike over WAY farther and easily made the corner. The bike is way better than the brain thinks it is.
I know I am not out of tire yet when my pegs touch down. It's just a noise that let's me know I am coming to the end of my available clearance. I actually still have more, as indicated my the responders who have dragged other things beyond the pegs, yet still not crashed.
Anyway, I advocate learning to lean the bike at least as far as it takes to touch the pegs. Contrary to popular belief, you don't have to be hauling ass to drag pegs, you just gotta lean more. You can scrape them in roundabouts at 30 mph if you want. Practicing this will not only give you more margin, but will train your brain to not panic when the situation comes up and you need these skills to avoid a crash.
I may be wrong, but I doubt it! (cred to Sir Charles).