The SG isn't about using it for the MPG IMO. I never have my MPG reading up. I use it for other things like monitoring engine load, engine coolant temp, and for my Prius some hybrid stuff. Ask anyone here who has gotten 100% over the EPA rating for their car, instrumentation is critical to get there.
Enrichment and ignition retarding isn't a myth, especially on turbocharged engines. Just ask anyone who has done their own tuning. It is true that most cars these days stay in closed loop quite a bit (especially naturally aspirated engines), but it does happen, especially if you're accelerating around peak torque.
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