The gyro only counters non-commanded movement, sadly it won't save anyone from a too low flat spin or something!
It has adjustable pitch/yaw/roll pots, and dip switches for reversing. I have flown the original version in my PZ T-28 most of the past season, and it has made it less work to fly in windy conditions, but a strong gust can still pop it up on landings. I have it at maybe 25%, never bothered to nudge it up much more as I've heard that as you go higher it could make rolls/loops more difficult. Takeoffs have always been easy with the T-28 anyways, but it seems to give it more level flight at slow speeds when it's getting close to stalling to one side or the other. The version 2 is supposed to be much improved over the first one, the pots are linear and there is the remote on/off, and modes for V-tail and delta. I haven't yet flown the V2 - the setup seemed trickier in that I had to reverse the rudder in my Tx to get it to work, and getting the on/off to work was weird in that it only worked after I used a servo on the channel the on/off was using. (?!) But if it works as well as the original I'll be happy.