There are alot of choices in o2 setups. What is your setup and how has it worked out for you?

I'm using the Innovate LM-1 with the rpm converter (Although I haven't hooked up the rpm thing yet). I'm really enjoying it so far. Setup is really simple. I'd recommend calibrating it or checking the calibration each time you use it though. It only takes about an extra minute.
Anyway, It makes tuning so much easier. I was able to set a rock steady idle on my car in a few minutes (after I adjusted my transfer slots correctly). I'm still tuning the jets (I just haven't got the time recently). My typical tuning process is hooking it up, go for a cruise, either record data or just view the output, go back home, make some adjustments, and try again. The ability to record a session is very nice, and I think it has like 45 minutes worth of storage. So far I'm really pleased with it, takes a lot of the guess work out of tuning a carb.

I'm using a 1988 Ford F150 302, 3 wire O2 sensor. $65 at a parts store, and a multi-meter.
It works alright, lets me know if i'm way rich, or way lean.

no sonix it lets you know if you're above or below 14.7 A/F which you would want to be WAY rich at 12.5:1 at wot, and on a carb car shouldn't really see lean ever, with a healthy cam.

That's right, it only references me to stoich.
Cruise I want to be slightly lean. Mild acceleration near stoich.
WOT - yea, peg out at full rich.

Right now I can smell the richness when I go WOT, I think I want to lean that out a tad.

wideband is the only way to know for sure.