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I bought a similar unit on eBay about a month ago. Using Torque on my Droid it works good. I have played with it a lot but from what I can tell it is very capable.
I have it and it works awesome. It is less then a second slower then the car on the revs and boost but it works great. It is more accurate then my boost gauge. Torque the app that is on the Droid market is awesome. It just updated and has a great homepage no then before. Also it will work for the iphone but you have to purchase a super expensive app for it to work.