I got curious when I found this on a couple other threads and decided to order the pre-wired kit from Jersey Motorcycle Products. There are also instructions available on how to build it by yourself, but I chose to take the easy route...
What does it do? That's what the manufacturer says:
"Plug-n-Play addon to adjust ignition advance. Increases torque and gives a little more getup-n-go!"
The installation is pretty easy and took me about 20mins.
The area to work on is the right front plastic cover in front/under your tank. Before loosening the tanks screws and lifting it a bit back, mark an area on the cover where you want to drill your hole for the dial later.

You only have to pull back and lift the tank a bit, so you can reach the little screw that is holding on the plastic cover. Use a screwdriver to loosen the screw, then just pull and the screw and insert come out together.

Then pull the plastic cover straight out from the top. It has a little lip that is connected to the slot you can see in the next pic.

Get the wire harnesses out and locate the blue and red one and unplug those.

The blue one wanted to fight with me until I realized that all I have to do is lift the lip a bit and it comes loose.

Then plug in the ECT Mod harness (it only works one way) and screw the dial on to the plastic cover where you drilled a hole already. Use a 1/4" drill.

Here's what it looks like after installation. I almost drilled the hole too close to the tank, but it works all fine.

Before putting it all back together, make sure it all works fine.
Start the bike, put it in gear and then turn the dial to the lowest and highest location. If there is a change in rpm, it's installed and working correctly.
Curious to see if I can feel any difference on the ride later. Apparently it can also improve cold starts and lower fuel consumption. I guess I'll find out...
Have an awesome long weekend everyone!
Christian