OK, so it doesn't matter where in the exhaust system it's mounted then?
Nev, think with the turbo's vs SC it's a bit like the exhaust noise. Turbo tends to absorb a lot of the noise and probably take a fair bit of heat out. (I could be wrong!), but still putting it further back sounds like a good idea.
Also seen these which look pretty good/cheap alternative.

Bargi, it does matter where it is located, put it far down the exhaust pipe if you can, as that is where your exhaust gases will be least hot. the instructions when you buy one say that. I can't remember the instructions about placement in relation to the cat, sorry.
Calibrating them is a bit of a pain, as you should really get under the car, unscrew the senor out and expose it to pure air. You only really need to do this once a year or if you have suspicioins about accuracy.
It is a worthwhile tool if you are into modding maps or mechanicals that affect breathing. Knowing how your engine is "feeling" is always worth knowing IMO.
Edited by Nev, 26 June 2014 - 06:37 PM.