I have used the Innovate! LM-1 for years on a number of vehicles and find it to be very reliable. Remember that you will need a suitable bung welded into your exhaust (pre-cat) to mount the O2 sensor.
As Danja said, the LM-1 comes with a black box that can log data and the software to load the AFR data (like 14.1, etc.) to a PC and do a bunch of stuff with it. There is also an Innovate! Forum that is pretty informative. I have no experience with the permanent gauges that Innovate! sells.
As Danja said, the basic Innovate! set up will not relate AFR to RPM, it will plot the AFR against time in seconds and minutes.
To bring RPM into the picture, you have to buy the Auxiliary Input accessory. I also bought the inductive hook up to take RPM signals from a plug wire and feed them to the Aux Input convertor, but I could never get this to work. So, I pull RPM from the same wire that feeds info to my tach. I also pull Throttle Position Sensor in volts and MAF voltage as auxiliary data. I can plot all of this (RPM, AFR, TPS, MAF) against seconds. I can overlay runs and can plot AFR against RPM the way that you usually see it done by a dyno.
You can see some examples of plots in this thread:
http://www.sr20-forum.com/showthread.php?t=1644&highlight=daughterboard