So....it looks to see if the O2 output keeps bouncing above & below .45V (closed loop) vs. going consistently higher (richer at WOT & open-loop)?
The LM311 is a voltage comparator...and I guess the pot sets the O2 output threshold at which the LED gets turned on? Pretty nifty simple little device. For under $10 I would say it is worth it for tinkering enjoyment.