With the lambda connected, the base map is supposed to achieve a target AFR and if off target, it adjusts. As you say above. I don't think it is adjusting on the fly, rather looking for a trend and adjusting over a period of time. The level of this adjustment can be seen in iBeat.
With the PU, a different map is loaded, but with no AFR feedback. This map is fuelled for power rather than emissions / economy. When you adjust the CO settings in iBeat, you then modify the PU map up or down in 3 zones. This allows for corrections to make the bike run better, or to correct for opening up the air box / high flow air filter / sports exhaust etc.
It will be interesting to see how it performs with a big altitude change in a short distance. We don't have that problem in the UK!
With the PU, a different map is loaded, but with no AFR feedback. This map is fuelled for power rather than emissions / economy. When you adjust the CO settings in iBeat, you then modify the PU map up or down in 3 zones. This allows for corrections to make the bike run better, or to correct for opening up the air box / high flow air filter / sports exhaust etc.
It will be interesting to see how it performs with a big altitude change in a short distance. We don't have that problem in the UK!