Per Terry Components web site on their targeted AFR...

"After years of Dyno Testing, Terry Components has calibrated our module at a 14.7 at cruise mode and 13.5 under load."

On the Dyn, my friend's bike was running with an AFR around these targets. The shop owner (who is a big fan of the SERT and also has a vested interest in getting you on the Dyn) targets a richer level with the race tunerand believes he can get more out of the bike running the bike richer. So the SERT gives you more flexability to run the bike how you want and if you beleivethetargets set byTVII are not optimum, than the SERT is the way to go. If you are looking for the bike to runwell (i.e. for normal street use)and not have to godo the Dyn when you make changes (especially if you don't have the cash to make all of you mods at once) then the closed loop systems may bea better option.

I think that if you are looking to squeeze inch ever bit of HP and tourqe a race tuner may be the way to go. There are lots of opinions on the best way to run the bike- some say lean is the way to go (of course while I think you get more power you shorten the life of your motor).

Don't have answers on the effect of timing, however, I have heard that Terry Components has a very good customer service / technical department who can answer those questions.

Hope that helps.