Yeah, that's about it. The fuel lights on these bikes are notoriously unreliable also (mine is more of an "out of fuel" than "low fuel" light.) The light is supposed to indicate about 1/2 gallon (or say, 20-25 miles) remaining, but I've found that is rare. I've been coasting to a stop and then the light blinks on, or I ran out a mile or two after it came on.
The fuel pump pickup is also pretty poorly designed, so the last .1-.2 gallons or so it can't draw.
The pickup is on the LH side of the tank. If you run out, stop and tilt the bike sharply to the left. Gas gets trapped on the RH side of the tank, since there's no crossover pipe, and a ridge in the center prevents it from sloshing over when the tank gets low during normal riding. With the key on, rock the kill switch on and off repeatedly (to keep priming the fuel pump) with the bike tipped to the left. It may take a lot of cycles of the kill switch for it to prime again. When you hear it kinda-sorta start to gurgle like it's getting something, try to start. You'll get another mile or two before it craps out again.
It's a combination of
-The fuel tank is difficult to fill all the way. If you get a gas pump that can go "slow" enough, you'll find you can get another .1-.2 gallons in once it appears to be full.
-The fuel pump can't reach the last .1-.2 gallons, even with tilting the bike over. The engine won't so much as cough and you can still hear a fair amount of fuel sloshing around in there.
-The fuel light is known to be unreliable/inconsistent. Mine died at like 100 miles, the dealer replaced the whole pump, it seemed to work OK for 1-2k miles, and now it's on the fritz again.
-Mileage on this bike can vary widely. I've had as little as 25mpg and as much as 50mpg, depending how you ride. So using the trip-meter isn't super reliable if you had some fast highway, some city, and some easy cruising, who knows, and you can't rely on the light for a half-gallon warning.
Add those up, and you get people running out of gas all the time. I've done it like 5 times now. I've finally learned to a)pretend the fuel light doesn't exist and b) if in doubt, always top up and c) I throw a 2 liter coke bottle in my bag, and fill it if I'm heading out into the boondocks. They don't leak, unlike the "spill proof" gas cans.