>Are there actually ANY benefits at all or is it just smoke
> and mirrors? I keep looking at them and just thinking
> "erm...."
They provide real benefits..which vary depending on the fueling system you have.
Fuel pressure regulators provide the baseline for ECU. With the fuel pressure as a given, the only thing the ECU need do to execute its programming is vary the injector duration.
Additionally, we all use RISING RATE fuel pressure regulators. This means that in demand situations, the regulator increases the fuel pressure (with a vacuum operated diaphram). The FSE has a steeper curve for this temporary pressure increase than stock. Ergo, it provides more fuel on steep demand than stock and the car reacts accordingly.
Additionally, all pressure regulators can fail slowly over time. An adjustable regulator with a permanently installed gauge, allows you to trim this out in a second.
Specifics...
FOR FLAPPER SYSTEMS
Flappers use simple analogue ECUs. They are truly genius like in their construction and thinking, designed by fellows who grew up with carbs. The "fuel map" is linear and there is no self-monitoring and few inputs. In a nutshell, increase the fuel pressure and you have changed the programming. Between the AFM spring tension, the idle air valve and the FSE, you can do as much or more than a box full of jets and needles and 4 carbs. OR a buffet of aftermarket chips.
For a flapper, a FSE is a super addition.
FOR HOTWIRES et al
These systems use digital ECUs with many more inputs. They are designed (increasingly) to be emission sensitive..(aka paranoid). You cannot use a FSE to increase fuel pressure and expect them to let you get away with it. The ECU will tumble into default mode.
The AFM is also not adjustable. One reprograms the digital ECU with an new eprom fuel map, not with a fuel pressure regulator and the AFM.
However, the benefit of being able to adjust your pressure to the proper level assures you that the ECU's baseline is precisely the right one. That is often a big help. Additionally, you still will benefit from the steeper curve in demand situations.
The permanent fuel pressure gauge is great. Engine problems normally divide into two large groups...spark issues or no fuel issues. It is nice taking a quick glance at a fuel pressure gauge to confirm that 50% of the possibilites are or are not involved.
racer