I'm sure the first response I get from this will be "Use the Search", and I have tried using the search, I've found several similar scenarios, but not quite close enough for my eneptness. Here's the skinny

x.40.53.70/30 Assigned Public IP Address
x.40.53.69 Public Gateway

x.43.112.0/27 Local Public IP Addresses

I used the Basic Setup Guide and entered the following commands on a fresh install of Mikrotik 3.11
ip address> add address x.40.53.70/30 interface Public
ip address> add address x.43.112.1/27 interface Local
ip route> add gateway x.40.53.69

I then assign a laptop connected to the "Local" ethernet interface the following:

IP address: x.43.112.5
Subnet Mask: 255.255.255.224
Gateway: x.43.112.1

with these settings I can ping the local gateway, as well as the ISP gateway (x.40.53.69) from the laptop. I can even telnet from a different network to the mikrotik. But I can't reach any farther, i can't ping anything beyond the ISP gateway from the laptop. DNS is not a factor at the moment. Using IP addresses only. The latest Basic Setup Guide is for version 2.9 and I'm using a newer version of Mikrotik, plus the quick setup guide is built around the assumption your creating a private LAN. Any help would be much appreciated.

If you can ping the default gateway on the ISP, x.40.53.69, then it sounds like it's a problem with your ISP. The mikrotik router is obviously routing the packets correctly.

OK, You were right, called up the ISP and they had to add a few lines to the config.

Now, I'm using the demo version of Mikrotik, does anyone know if there is a bandwidth throttle on it? Because I'm getting very poor results on the lan side, however the WAN side is pulling awesome speeds. Here are the results:

Wan Side:
9147Kbit Down / 3152Kbit Up

Lan Side:
198Kbit Down / 2963Kbit Up

Notice how the Upstream hasn't changed much, but there is a drastic difference in Down stream.

Looks like an MTU problem.