Our club's advertised pace for rides includes warm-ups, cool-downs, hills, everything except rest stops. It's the overall average speed you'd see on your computer at the end of the ride (assuming it turns off and on automatically when you stop and rest). Heck, I could do "18+ mph" rides if that only meant cruising on the flats, but as it is, I'm more of a 14-16 mph (overall) average speed gal at the moment. And, in our club, often rides are indeed above the posted speed. For instance, on a "C" paced ride (advertised at 13-15mph), you often see a large proportion of the riders doing 16-17 mph average in the front, but the leader generally leads from the rear and goes with the slowest rider, around 13 mph on a C-paced ride, for example.
So, I guess there's just not one good answer to the original question!
Emily
Emily
2011 Jamis Dakar XC "Toto" - Selle Italia Ldy Gel Flow
2007 Trek Pilot 5.0 WSD "Gloria" - Selle Italia Diva Gel Flow
2004 Bike Friday Petite Pocket Crusoe - Selle Italia Diva Gel Flow