My tracker has the O2 sensor heater code as well, from what I've read this is only important to get the sensor up to temp faster when the engine is cold. After the exhaust manifold gets warmed up (maybe 1 min) then the "heater" isn't important.
I have a scangauge and my tracker runs in "closed loop" mode all the time and I'm getting good mileage so I've decided not to bother replacing the sensor, the fact the GM stealership wanted $470, and suzuki wanted $320 for it also influenced my decision...
If the sensor fails completely then the motor will go into "open loop" and burn way more gas, maybe overheat the cat, and generally run bad. Then its time to get a new O2 sensor.
Ian
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