I've been using the same LM-1 with the XD-16 gauge on my Z since 2003. I changed the sensor 1 time. The only issues I had was with the grounding like what has been said above.
I even have it hooked up to my Tec3r stand alone ecu, for closed loop, and VE tuning if I prefer...
It is a tool that takes following the directions to a tee though. To me, a WB that can't be re calibrated, is one that isn't worth my trust.