Fox Float RL 32 120mm with 150mm exposed stanchions???? Is this right?

On impulse, I bought a used 2007 Specialized Stumpjumper FSR Comp. From what I can tell, the only changes from stock parts are an upgraded rear shock (Fox RS23), and a different stem. http://www.bikepedia.com/QuickBike/BikeSpecs.aspx?year=2007&brand=Specialized&model=Stumpjumper+FSR+Comp+FSR

The shock should be a Fox Float RL 32 with 120mm travel. It looks identical to what I see on images of this bike: http://stlbiking.com/forum/uploads/monthly_07_2012/post-12392-0-38068700-1341587089.jpg

Is it normal for this 120mm shock to have 153mm of exposed stanchion? (I measured from where the lower seals ended to the fork crown.) When I released all the air, I was able to compress the fork 140mm, leaving about 10mm of exposed stanchion.

The prior owner overhauled the shock himself (seals and lube replaced), so I want to be sure there's nothing weird about the shock, before I go flying down a hill.