CHA54 had pretty good commentry on the PowerFC in another thread, quoted it below.
QUOTE (CHA54 @ Apr 29 2009, 07:44 PM)

PowerFC's do not have OBDII. They stream data serially upon request, but no knock control or active ignition advance/retard like a stock ECU. The most they can do is flash the check engine light if it hits the knock threashold set in the powerfc. You can use the powerfc hand controller for monitoring engine data but that's about all it's good for really. You'd have to have rocks in your head to try and tune a powerfc with the hand controller.
For logging etc, most serious PFC users need to buy a laptop interface, the most popular is the FC Datalogit:
http://www.fc-datalogit.co.nz/As mentioned before, a wideband o2 sensor/controller is also an essential component (IMO), you use the 0-5V output from the controller to interface with the datalogit box for tuning purposes.
One of the better PFC tuners in Brisbane I know charges ~$700 for a complete tune of a new powerfc. Less if it only needs a tidy-up of a previously tuned map.
When I install powerfc's (or any aftermarket ECU), I also install an innovate LC-1 or WBo2 2C0 wideband kit, this allows road tuning of ~75% of the map, then only an hour or two so is required on the dyno to sort out the very top end of the map and timing for max torque through the midrange. The best method for this is to shoot for what's known as minimum timing for maximum torque, you'll find that the maximum torque timing values are a couple of degree's before the onset of knock aswell. Some nice examples of this on mainline's site.
Choose your tuner first and ensure they're confident of achieving your goals, any aftermarket ECU is only as good as the person tuning it. It's also really easy to pop an engine with a poorly tuned PFC (or any other standalone ECU)
I'll add that the check engine light can also flash if the injectors reach 100% duty cycle or if the MAFS maxes out.
The lack of an OBDII port is only an issue in areas where they do emissions inspections where they check the ECU for errors.
As far as improvements go it depends on the tuner. I gained a lot of mid range power, dropped the lift change over point a few hundred rpm. There is no minimum requirement of mods, but it will give better gains with more mods.