All the "chips" are rip offs. They are really just a resistor that causes the PCM to misread the air intake temperature. The results from this are highly temporary as the feedback from the O2 sensors allows the PCM to realize the error and compensate for it.
You can get some gains from "tuning" tools that rewrite the strategy parameters in the PCM's FLASH memory. The parameters are always a compromise. Ford set them to what they felt was the best compromise between drivability, power, gas mileage, emissions, and engine life. If you are willing to sacrifice on some of those in order to get more power or mileage, then it can be done.
What joegr said is entirely true.
But some manufacturers play is 'safe' and underpower. I personally believe first Gen LS's are vastly underpowered and a street tune for those is more than safe. I ran a street tune for years (Made by Rob @ KBX) and when I went for emissions test with 285,000 kms on it, the mechanics at Canadian Tire asked me if its a new motor, cause I'm blowing cleaner than brand new cars in their shop
When it was't misfiring lol I did a couple 0-100 km/s runs (0-62mph).
Stock I was doing 6.6 Seconds, with a 5.9 going slightly downhill.
Tuned I got a best of 5.5 seconds on the same street. On those runs I'd say I gained close to 0.5 seconds 0-60.
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