Not really, this was back early when the FI first came out. This was with the bad running map or stock map that never ran right. When the O2 was hooked up you were out of the race map. When hooked up to ibeat and O2 in place on the earlier models, you could read if the bike was lean or rich by trying to keep the reading at 100. The problem was that the reading was not fast enough to get a accurate reading. This is similar to Power Commander 5 that read and adjusted it automatically.
Will the IBeat still work as advertised on my 2012 TE511? I want one for diagnostics and changing CO values.
It will not work with the 449/511=Keihin EFI, Ibeat is only for Mikuni EFI. Your bike has its own procedures that you need to look at. http://www.cafehusky.com/threads/updated-tps-efi-reset-449-511.28801/