Ravi and Bandhav, both of you are right!
CO = Carbon Monoxide
On a fuel injected bike like ours we don't have screws that adjust the amount of air or fuel entering the engine. Thus we need to rely on amount of CO that the bike is emitting at the exhaust. The amount of CO being produced is directly proportional to amount of fuel entering the engine. And variance in amount of fuel alters the Air-Fuel ratio. Changes to the Air-Fuel ratio will have a direct effect on factors like Harshness, Performance, etc!
This is as per my understanding, which might not be 100% correct!
Ideally speaking the CO once set should not change, this is as told to me by 2 PBK's. But we all know that it changes over due course of time. Reason simple hai yaar, the 220 will never do anything ideal, it will only do stuff thats weirder that ideal!