Yes, it works. It makes a world of difference. I use it via a NEMA 2000 kit networked with an HDS 10 and HDS 8. Both are Gen 1. I've been told the internal GPS rate is 1 update per second, with Gen 1 using Point-1, it is 5 times/sec and Gen 2 and above it is 10 times.
All I can say is it is a definite improvement. In fact, when I first used it after calibration, I was getting off line at Fork boat lanes because I was so use to steering with the delay factor - don't have to anymore. It also helps to get spot on to wpts. I was able to calibrate mine using the TM (Terrova) - just had it go in circles. I haven't had to calibrate since.
It is important to mount Point-1 where it will not get electrical interference. Mine is on the transom area where the oil use to be filled. I mix oil manually on a TR 186. So the hole for the Point-1 was perfect. I just had to drill one extra screw hole.