"Doesn't require premium but premium will enhance..."
Last time I checked, our engines weren't equipped to proactively sense knock and adjust. A chip will not give us this benefit, which is why Diablo chips require premium.
Buzz, is your car under warranty? If it is, take him up on it. If it works, let us know... If it blows up your engine, let your dealership know (take out the chip first), if it does nothing at all, let him know!
I want to say that that piece is just a glorified box that performs the Mass Airflow Sensor mod. You know the one where you put a resistor, of some kind, on the MAF sensor and it tricks your engine that the air coming in is cold and to pump more fuel... or something to that extent...