This is a more advanced version of the "Xied" or "ied" that Nightrider came out with around 2007. "ied" stood for "Inline Enrichment Device." It changed the voltage from the O2 sensors to make the ECM add more fuel. It didn't re-map the ECM the way TTS, SEPST or other flash tuners do. From the limited info in the video, it doesn't look like it can change spark advance or any of the other functions a flash tuner can.
The old IED didn't change the O2 sensors; it was just an add-on, so your bike still had the narrow-band (NB) O2 sensors. The NB name says they were accurate only when the Air-Fuel Ratio (AFR) was somewhere close to 14.7, which is the very lean and hot AFR mentioned in the video.
This version, the LC-1 Wide-Band (WB) O2 upgrade, appears to have combined WB O2 sensors, which are accurate over a wider range of AFR if they are used properly, with the simple enrichment device used in the original IED. Again, from the limited info in the video, it doesn't look like it can change spark advance or any of the other functions a flash tuner can--it just fools the ECM over a wider range of AFR.
So: it's not snake oil, but its limited capability doesn't hold a candle to any of the modern flash tuners, which can specify exactly how much fuel to inject at any combination of throttle opening and RPM while also considering other operating conditions such as temperature and crankshaft position.