Dave,
I used a similar tunning device on my SportsTrac. It cost about the same as the unit you are describing, it was programed specifically for the VIN of my ST, and provided me with 4 tunes: 1) Stock, 2) 87 Octane, 3) 87 Octane Towing, and 4) 90 Octane.
I ran 87 Octane when not towing and used the towing tune when towing. The tuner and modifications of my air intake (installed a K&N type system) and exhaust (installed Gibson exhaust with a CAT) produced added torque, HP, and improved gas mileage (from 9 to 12 MPG when towing at 65 MPH). Another benefit of the tuner is that it produced much smoother shifting points.
They are simple to use and are Joe proof. You just plug it into your TV's computer port (under the dash) and follow the on-screen directions.
I asked the owner of the performance who tinted my windows and spayed the Line X about a tuner for my new diesel. He recommended Diablo Sport and told me Dodges were getting at least 4 extra MPG with them, as well as more torque and HP.
One thing he likes about the Diablo in comparison to Banks is with Banks you need to be very careful about damage caused by increased exhaust gas temps.
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