Im not sure of everything it does, but it does monitor IAT2 temps and some other things i believe.
Please do me a favor and call the # i recommended. This will save you ALOT of aggravation and headaches explaining it to a parts guy that has no clue. Randy knows ALOT about Hi-performance 4.6 applications and will get you what you need fast and cheaper then any local parts store can. You need to go to Ford to get it
If you are talking about the flat black box on the back driver side of the blower it is called a integrated temperature and manifold absolute pressure (TMAP) sensor. Some of Ford documents call it a barometric pressure (BARO) sensor. It measure manifold absolute pressure and air charge temporature.