It can't really do much unless you have KM1 installed (or KM0.9. I forget if its in KM1 or KM0.9). If used in one of these mods at least, it can just extend the range of your sensors, giving you better readings.
Its too bad it hasn't been modified to enable you to make 'fake ships' appear on enemy ships sensors, causing a distraction so that you can escape.