When the car is first warming up, it is running in Open-Loop mode and the ECM doesn't accept inputs from the sensors. As such, the injector pulsewidth and the ignition timing are determined based on the Open-loop data on the chip. It does however try to achieve the desired RPM speed at idle (which is a table on the chip (RPM vs. temp) using the Idle Air Control Motor.
Once the engine is up to operating temperature, the ECM switches to Closed-Loop mode and begins adjusting the fuel mixture and ignition timing based on various inputs from the multiple sensors on the car. The IACM is still used, but now you have multiple parameters being adjusted to attain the chip's requested idle RPM.
This is common to all chips, not just Thrashers.