It controls the wastegate, allowing to remain closed until it reaches a boost level adjusted by you with a threaded shaft/nut. It replaces the vacuum controlled unit and allows the boost level to run higher than factory setting. I'm not familiar with a 2000 setup but I believe you'd still need a boost fooler to prevent the ecm from responding to the perceived overboost by defueling...unless you chip it.
I went with a TM as I'd already blocked the EGR and boost was the sole remaining use for vacuum. I then removed the vacuum pump and realized a small increase in fuel mileage.
Discussing the merits of additional boost without a chip upgrade is like broaching the "best" oil topic on a Harley site. I'm happy with mine just for the simplicity...one less complex thing to fail.