I've just had a similar (sort of) experience yesterday and my bike has been towed to the shop. The situation was a bit different in that I wasn't at cruising speed. I had a lot of backfiring (this has not happened before in the month I've owned this '09 S40) even as I was moving up the gears. She was really chuggy, too, like I was lugging the engine, but then she'd pick up and go.
I got to 4th and she bogged down really bad but picked up again, then I went to 5th and she backfired louder and harder than I've ever had happen - I felt it all the way up my back. And then she died.
On the plus side, my wheel bearings are great! I rolled for a very long way before I had to paddle a bit to get around a corner and stop safely. The bike would not start again at all. Even after sitting for about 45 minutes waiting for the shop guy to give her a ride, she wouldn't start. Cranked like a champ but that's as far as we got.
At least she didn't embarrass me and start up right away for him.
Even with the differences, is this likely the same problem?
The FireLizard began doing that once and I cleaned the carb, but it continued, then I checked the petcock filter in the tank and that was clogged, cleaned that and it was fine. So check that as well.