Has anyone by chance used this setup? and if so does it work well? I will be puchasing my PS1 in about a month.

 

It works well but requires a bit a setup to get all the inputs right for the turbo you run.

 

Alright, does it come with instructions? other wise my tuner is setting up my haltech he can more then likely figure it out..

 

The manual explains the function.

 

Open and closed loop work well. Closed loop allows more features and is obviously more precise. Open loop is much easier to setup. Getting closed loop right will require knowledge of how a PID system works and how to properly tune it. If you have to ask what PID is, you're not going to get closed loop working right without spending time educating yourself and more time properly adjusting the system.