I have the Scangauge II and I love it. It's a lot of fun to hypermile when you're in the mood. The instant feedback for MPG makes a huge difference.
Dman is right that small changes in throttle make big differences in instant MPG, but if you watch it long enough, you start to find patterns. For instance, I now know that I can get better mileage in 4th with the torque converter locked than in 5th with it unlocked. I also now know that driving faster can net BETTER mileage if it means that the torque converter can lock in 5th gear, especially if you are climbing a long hill. I use the instant MPG and the throttle position readouts to precisely manage throttle and prevent the torque converter from unlocking. I know I can push the throttle to 28% at 60 MPH without it unlocking, but at 55, I may have to throttle back to 25%. So as I climb a steep hill, I am constantly riding the edge of the locked-converter envelope to maximize MPG and momentum. The difference between locked and unlocked can be nearly 10 MPG, so this makes a big difference. The instant MPG readout can also train you to maximize in-gear coasting because you can see when the fuel flow cutoff engages. You can also learn about the benefits of drafting.