The PCIII has more control/adjustability. It actually interupts the signal to the injectors and changes the fuel signal to the injectors. The earlier PCII version altered the signals of the external sensors to trick the ecu to think it was seeing diffeent conditions.
I would not go so far as to say pointless. If you are happy with the way your bike runs it may not be worth the cost. In the last few months i went from the PC3R to the USB on both of my bikes. (wanted the map switch) With the extra cells i found both bikes to be smoother and more responsive.
I think the PS2 only works on 99-01 bikes I think I was told? there are some year specific issues for sure, just do not have the info in front of me but my 06 had to have the PC3
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