Gents,
Regarding the O2 sensors......their function is to make a "close loop" EFI circuit. What this means is that the ECM will adjust/modify the map depending on the input from the O2 sensors. This is what guarantees a proper air/fuel mixture during the "burn".
Why would you want a close loop system? Well, regardless of how well you adjust your PC or your Race Tuner, Oxygen content in the air will change due to temperature and altitude. Also, air intake into the combustion chamber could change depending on the bike speed if you are using certain types of air filter mount.
Also, pipes with O2 sensors have been available forsome time know as well as certain devices similar to the PC.
So, if you are starting a trip in Florida and ending in the Rockies, the O2 sensor equiped bike will perform better that the one w/o an O2 sensor.
Also consider, that your bike could go lean w/o an O2 sensor and this will contribute to increase in temperature.
Over the years I have ran many bikes w/o O2 sensors......and they did fine.......I have had one bike with O2 sensor and the 07 SE will be teh second one.
Luis