Well, it's the "fuel in the tank" relative to an ever decreasing tank size. As I mentioned up thread, thinking of rated miles as an arbitrary unit rather than a measure of distance gives you a more absolute indication of the energy stored in the pack (better granularity, too). Using the old S70D as an example/hypothetical, your car starts life charging to 240rm and it takes 20% (48rm) to get to work. Now, let's say the car only charges to 211rm later in its life... that trip to work would still consume 48rm, but that would now work out to ~23%. For the car in question, the rated miles display is just calculated usable pack energy in Wh divided by 290 (X Wh/290 Wh/mi = Y mi).