I'm pretty sure the AEM stuff uses the Bosch LSU-4 true 5-wire wideband sensor, which is apparently pretty cheap from what Darryl just posted. It does look like the Mach V uses the LSM-11 I mentioned previously, which tends to sell for $150-$190 from what I've seen. Units based on the LSU-4 will be more accurate, but the extra cost of these things is coming from the rather complex control hardware for the sensor. If the Mach V unit does use the LSU-4 sensor, that'd definately be the way to go.
For tuning the Formula engines, we just use an LSM-11 plugged into a computer running Labview. We put the transfer functions for the sensor into it, and it spits out an AFR.
Off topic: When using a carbon fiber intake manifold, be sure to get all traces of your mold material out. Apparently piston rings don't like little bits of ceramic.
Also off topic: When dynoing an engine, a tube and a bottle of water make a great blow-by gauge

Again with the OT: ARP head studs are awesome