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I would say that the effect is similar to that of an MBC. In that in one way way or another it raises boost. It goes about doing it in a different way than an MBC does though.
If I understand correctly it is basically just a few resistors that makes the ECU think it is at a lower boost level than it really is. If 12psi of boost is normally 5 volts output this resistor bleeds off X volts to make it think it's only at 8 psi.
What it doesn't do to my understanding (besides control ignition timing) is take RPM into account. It is just trying to turn up the boost and increase fuel by X amount regardless of what RPM the engine is turning. Which is like an MBC and not ideal.
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