This is a link to a file (please download don't view online) from MCN (UK bike magazine). I'm only reposting it here for a short time because I'd prefer to give the link to the original site (because of copyright issues). There has been a lot of discussion on F650.com regarding wheelies. I learned to do them as a part of rider training for off-road riding. This is the best video that I've seen for doing it on-road (basically the same).
I practice my wheelies off-road all of the time. On-road I don't do it as a show-off move like most over-aggressive sport bike riders, but when in the clear I'll life the front every now and then 'just for fun' (but nothing extensive and never in traffic).
Enjoy the clip, hope that it demystifies the art of the wheelie.