1995 Mustang GT Megasquirt Timing and ignition settings question

Does this system get rid of needing a meter?

Any advantages to having this versus a megasquirt? I know with the quarter horse a meter is still required and also Blankenship tuning told me the only thing about quarter horse is once the battery dies the tune is lost. He says if he tunes with quarter horse he always tune only and then burn it to a regular chip or something I think he said something along those lines