The "new" (revised) EPA estimates may be low.
But I just did a quick search for 2007 5-speed Fit results "by drivers like you" on fueleconomy.gov: 49 vehicles reporting, average was 35.7 mpg combined, and the "old" EPA rating was... 35 mpg combined. The new EPA value for the 2007 is 31 mpg combined.
Model 1 Vehicle Characteristics