Hi LeFrog,
As the other posts have stated the 15/48 combination is stock, and is a 3.2:1 ratio. I did some experimenting myself with my 01 based on some information I read regarding chain wheel size and it's effect on the rear suspension. As I understand it, running the largest chain wheels does two things: First as far as the suspension goes, the further you can keep the chain from the swing arm, the less binding will occur when the suspension is at or near it's full deflection. That was the whole idea behind Horst Leitner's chain anti torque device, but, running larger sprokets does not approach anthing like Horst's idea. The second thing the larger chain wheels do, is to have less chain wear, mainly caused when the chain wraps around the front sproket, less bending.
So, I ended up going to a 16/52 combo on my 01 FE501E which is ever so slightly lower gearing 3.25:1. The 16 just fits on the front, you will have to remove just a skosh of the swing arm slider material for it to fit. I've been running this set up on my 01 for sometime. The first set of chain and sprokets lasting about 18 months before I replaced them. Yes, you will have to buy a little longer chain, a 122 or 124 pin (I run a DID 520 VMX) chain, if memory serves. I got my sprokets from sproket specialties, the rear 52 sproket is part # 2914, and I can't find the reciept for the front, but, they sent the right one to me. They are great people to deal with.
You will also have to modify the rear chain slider, as in drill another hole to let it ride lower to accomodate the larger rear sproket.
I like this set up b/c when I go up to the sierra's, tight trails and pretty high altitudes I just put a 15 on the front and that gives me a gear for every situation, 3.46:1 ratio, pretty low.
You might also have to take some ribbing from your friends about that rear sproket though. One of my buddies asked where I got the Doug Domokos rear sproket the first time he saw it!