My thoughts, for what they're worth.
The data output rate from the stock ECM is slow, real slow, only 160 baud. That means that a complete frame (set of data from various sensors, BLM/INT, etc) takes about a second and a half to put out. The ECM operates much faster than this internally and almost all of the sensor values change much faster than this internally. Basically, what you get with this ECM are snapshots of the state once every 1.6 seconds, so fast-changing data like the O2 sensor's output is meaningless to look at via the ALDL interface. However, what you can do is see if sensor values that normally change are pegged to one end of the scale or the other. So, if you hook up WinALDL and see that the O2 sensor voltage never fluctuates, staying at .8V all the time, you know you have a problem for instance. You can check the MAP sensor by applying vacuum to it with a hand-held vacuum pump while looking at the ALDL out put to see if it reacts properly to the amount of vacuum applied. The TPS you can check by looking at the voltage with the pedal floored (engine off of course!) and with the pedal all the way up, but the frame rate is so slow that you probably won't be able to see spikes and transients in the TPS output via the ALDL.
What I find most valuable is logging the BLM and INT outputs on long, varied drives. This logged data when put into a spread sheet can graphically show lean and rich problems, particularly helpful when tuning. Persistant high and low BLM/INTs can also indicate other problems on stock engines.
The process of dealing with the ALDL data stream begins with converting the varying 12/0V signal at the ALDL connector to something that can be read by a PC, then the next step is to convert the raw data into values that can be understood, such as voltage, degrees, etc. The basic WinALDL cable that can be easily homebuilt converts the voltages into a signal that can be read by a PC's serial port, and the sofware WinALDL converts the raw data into useable information. The unit that the Fiero Store sells has a microprocessor built into it so that both the signal conversion and data conversion occur inside the unit, and it has a USB output that easily works with the more modern laptops and OSs. BTW, the Fiero Store unit was designed and built by Oliver Scholz, he sells the preprogrammed PIC if you want to buy it from him directly.
WinALDL has the ability to do logging, which the Fiero Store unit does not, though it's possible that someone can write logging software to work with the FS unit.
Anyway, lunch is running short, gotta go...
JazzMan