I'm about 100 miles from the first service and I'm debating whether or not to take it to the dealer. Do they adjust the valves at the first service or even check them? If it's only an oil change and checking the tightness of fastners I can do that myself and save some money. I went back to the dealer to pick up another temp license plate and wasn't too impressed with their service when I'm not there to buy something. I know that the manual gives all this info but I don't have it in front of me at the moment. Thanks for any help.

I would say, it is up to you.  maintenance is easy on the Savage, but if you got your S40 from a good dealership you feel you can trust, you make the decision.  Myself, I bought my 06 S40 from a very good dealership, and I took my S40 in for the scheduled 500 mile check, and yes they did check the valves, belt tension, oil/filter  change, etc..  My next check was at 3000 miles and they did the same, and made a minor valve adjustment for me.  I checked with them at 5000 miles and all they did was ask me if my milage dropped, started good, ran good, good performance, etc., and said there was no need for them to do a full check, only an oil change.
Like I said, I got my S40 from a good dealership who thinks good honest service is the way to keep their customers. I know they are all not like this.
My warrantee runs out in July, and that is when I will do everything myself unless something big comes up that I fel I can not handle.

I'm new at posting on this board, however I have been reading this board since Bert's forum went off line.   I just want to respond to this " first service".   I have an '03 Savage that has 20,356 miles on it,  I have yet to do a first service on it, other than change the oil and air filter.  I have never adjusted the valves,  changed the spark plug, tightened the heads since I bought it new!  All I have done to it as far as modifications is changed the stock muffler to a sporster muffler.  The bike runs as good as the day I bought it, and am getting 60mpg and doesn't sound any different.   Until the beast starts running differently I don't plan on adjusting the valves or changing the plug until I get 25,000 miles on it.  I am a firm believer__ If it ain"t broke don't fix it.