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I agree, kind of pointless on a non-EFI (FI) car... you could use a narrow band or wide band monitor which will give you more info than just an O2 would.
no, i believe it is pretty smart i was actually thinking about this today since i got the summit magazine today and i was checking it out. I would install the sensor and then hook it up to something like an Autometer Air/Fuel Ratio Meter!