Excellent. I had the same problem with mine when I bought it. So I messed with it for a day or so, once I cleaned the sensor thoroughly it fired right up. It was covered... caked-up with oil and rust.
So my crackpot theory is that rust on the sensor tends to interfere with the CPS signal. I pulled mine off the motor to bench test it (and that's not easy as the A/C mount must come off to do this) - take care when putting the CPS back that it's as close as possible to the crank wheel. Any bits of rust or gunk might push it too far away.