Johnny or someone else can correct me if I am wrong.
I originally looked at the Innovative LM-1 when I bought my logger.
First what do you want to monitor? I wanted to tune all across my power band so I absolutely needed to monitor RPM, Throttle position, and A/F
The LM-1 has no direct external connections to monitor other sensors, but it will record the data from other innovative devices. You will want an LM-2 or LM-3 with it. The LM-2 has a rpm converter and 4 additional 5volt inputs. The LM3 has the rpm converter, boost input, accelerometer, EGT, and injector duty cycle built in and the inputs can be used to monitor 5v inputs.
The LM-1 is more of a portable unit that some of the other offerings by Innovative. It is limited to 6 total channels. It must interface directly with the computer to extract information by serial connection. It holds about <s>17 minutes </s> 44 minutes of data.
I decided to go with the DL-32 it will monitor 32 channels, (5 directly) It does everything the LM-3 (above) does but adds logging and a few other features. It adds vacuum, an 5volt power supply for your sensors if needed and 3 output relays (that I don’t think are accessible yet)
By itself the DL-32 will not monitor A/F, it requires an input from a wideband kit. They make the LC-1 which is basically the LM-1 without the logging and readout capabilities. The DL-32 records to a SD data card (you may have the same in your digital camera) you can pull the card and insert it into a reader on you PC without having to connect wires to the car. The card will hold about 15 minute of data per MB of card size. The included 512mb card will hold days of data and has a very fast transfer rate.
So what does all of that mean? You need to decide what your long term goals are.
Do you want to monitor the Gear position sensor? This in combination with the speedometer output could be calculated to look for clutch slippage. Did you launch I the right gear or shift twice. It could take out some of the unknowns.
You can put a hall effect sensor on the clutch to look for slippage directly.
How is the chassis working? You can connect sensors to see how the front is lifting and the rear is squatting. Going to add more power with a dry shot, how does the injector duty look? How many G’s is it pulling and where is it dropping? Want to trigger a relay in the future based on data? X seconds from 100% throttle activated NOS etc. Autoshift output for air shifter, disable autoshift after reaching certain gear etc..
You have to decide what is best for your needs and budget. I kept thinking of possibilities and other uses. I felt I might be limiting myself in the future if I bought the LM-1 combo. I ended up with the DL-32, LC-1, XD-16 (basically a programmable gauge and control unit). I can record 6 channels, display 1 real time, and add channels in groups of 4 for about $100.