Paul,
What it basically does is allow you to better tune your car as far as time, fueling, spark etc. it read data off it's own O2 sensor.
When you take a run you record it and you can play it back and it will show you exactly where the car is either fat or lean and from that you go into the fuel map and adjust the numbers until you get to around the desired air fuel ratio you are looking for.
FAST can add and take away fuel also, which in my case years ago as my fuel pump was going bad at the track which I didnt know, the replay showed the car was adding fuel along the run meaning she was lean. By adding up to 25% fuel it saved my motor that day and allowed me to drive the car home.
If there was a in there chip the HG would have popped . FAST just affords you a better tuning option IMO than chips alone. Have guys run fast with chips and without FAST....yep. I guess it comes down to what you are looking for, what you want to spend and how fast you want to go.
Sure guys who know it best like Jack Cotton, Billy Anderson can chime in add more than I just did, they've been using it and tuning it alot longer than myself.
Best of luck.