Air plus what is being injected in the proper pw. I have used 2 ms for figuring power on anything over a 100% nozzle for what a injector can flow. It seems to work out fairly well. You can certainly dump more fuel but if its not in the correct pw so it's after the crank window its just smoke and heat.
I think huge variations you see between almost identical setups and both competently tuned may have more to do with the dyno than the actual power they are making. After all when you get past all those tables etc what are you really left with but ICP, SOI, PW when it comes to making peak power?
I have seen some with dyno sheets showing over 3.5hp/cc
Do not forget that cams and head porting will effect VE% and raise that ratio.