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I think driving conditions (city vs. fwy, hilly vs. flat terrain) constitute most of the descrepancies you're hearing regarding mileage. Obviously the state of tune is a huge factor as well. Another thing I just thought of w/the manuals (as I just recently purchased one), is driving style - i.e. how much you rev the engine before shifting.
You should definitely be getting 30+ freeway with a 240D. The 40+ figure does seem pretty optimistic, but a friend's old W115 220D ran like a top and got 38mpg on freeway jaunts.
The 240D is only for the 4-cylinder. It is the 300D that is the 5-cylinder motor - a bit more power, but pooer mileage (expect around 26-29 freeway depending on the above mentioned factors).
Regards,
- Ryan
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'95 E420 - ' Shadowfax' 138kmi.
'92 Volvo 740Turbo Bard 193kmi
'74 240D - ' Ol' Green' 4spd Manual 104kmi. (sold  )
'77 300D - ' Red' 223kmi (sold)
'75 240D - ' Bianca the Blue Bomber' (sold)
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