LMNs numbers do look a bit high compared to my personal experience, especially if that is 1hr ftp method. But not by much.
However, not all power meters read the same, sometimes not even close. I've tested on a Computrainer at about 4.4 w/kg, for a 20 minute test (not estimated FTP, 20 min absolute number). About that same time I finished between 50% and 66% back in the field at U.S. Nationals, 2 years in a row at Sun Valley (Pro).
Since I have nstalled a Stages power meter, and I believe it reads 7%-10% low. Below is a power curve (from Strava) for Stage 1 of Moab Rocks 2015, 1 hr power/weight is way down at 3.67 w/kg. I finished 2nd in this stage (it opens with a 1.5hr road climb, so descent power data). I won stage 3 which was punchy, and the power profile was very similar. That race is hard to classify, but I would put it at a "State" level race based on who showed up and the depth of the filed.
I know I'm a more competitive racer now than I was when racing in Sun Valley, despite the significantly lower observed numbers (change in test method and power meter, as well as race experience and improved bike handling skills.)
My point is that it's really dependent on how you're measuring power. It is probably better to shoot for a % improvement over a baseline number than set an absolute number based on data that may not align to you how you measure power. I reset my baseline everytime I start with a different power meter. If I didn't have my own power data as a baseline, but instead was trying to align my race goals with LMNs numbers, on my power meter, I would lose all hope for race success...
Hopefully this is a useful post and doesn't come across as "Hey, look what I did!"