Well, decided to skip it on this tire swap and save for something with a little more sparkle, but to answer in turn...
Will: Yes, but you do see a wiggles in the pressure and temp before it happens. This system watches temp, too.
Shawn: It wasn't an option on mine (the only choice I had was with or without GPS nav).
SP: I typically run mine at 48psi (10% overfill... breaking in this set at 40, will raise after about 2000 miles or so), but from what I could see, you can tell the Orange system what your setpoint is, and it goes from there.