I think that item 7 in step 2 above may be incorrect. Shouldn't the
calculation be based on number of data pages rather than the number of
data rows, since the calculated value is not supposed to include the
leaf (data row) level of the index? According to chapter 7 of "Inside Microsoft SQL Server 2005: The Storage Engine"
The index rows in the index pages of a clustered index only need to
point to the data pages, not the individual data rows since the data rows are the leaf level of the clustered index. See page 275-6 specifically.