Yup. The Oem o2 sensors feed the PCM, the wideband feeds your data logging hardware/software.
This is another reason I like tunercatII with the Moates Roadrunner hardware. It allows for real time tuning and it works with a 411 PCM as well as the lb7 pcms.
A normal tuning session goes like this: run the truck and data log. Analyse the logs. Make your adjustment to fuel, timing, shifts, line pressures etc. reflash the PCM. Then go out and run the truck again to data log. Analyse the logs, see if you got the expected results. Repeat as necessary until you get what you're looking for.
Each time you make an adjustment you need to reflash the PCM. Any adjustment. and you tupically only adjust one thing at a time unless you're very experienced at calibrating tables. While PCMs are almost all rated for a foolish number of reflashes, you can see how it can take a fair amount of time to "dial in" a calibration. This is why "canned tune" pcm's are Not cheap. it's a significant amount of money time and effort to build a Good calibration. then thrown in that most reflashes "come back" a couple times for adstments becasue every engine runs just a little bit different from what would seem to be identical vehicles. Each reflash requires you to shut the truck down which means time.
What roadrunner and real time tuning allows you to do is this: run the truck and data log. Analyse the logs and make changes to only the parameters you want instead of reflashing the whole PCM. Run the truck and data log. Make adjustments as required to only the needed parameters. Repeat until you get it right. Real time also means you can make the changes as the truck is running. Much much fast way to tune.
I love real time when I can get it. Usually a trip down the road and back is enough since it's so quick. If I want to tweak fuel and timing at say, 2500 rpm I just pull over, opener the table and tweak it. Then pull out and I can see the results right away.
As I mentioned before, I do believe efiLive also supports real time tuning is you have the right PCM (ie: 411 or lb7). You either buy the modified 411 from Craig moates (411 only) or you buy a "guts kit" from them and install it yourself in your 411 or lb7 PCM. Modifying the PCM is not for the faint of heart though.....you have to be able to lift the psop44 chip and solder the modified Moates hardware on to the board pads. Little bit more involved than sticking two wires together, but doable with enough experience and pluck.