Yep it does self learn, to a point. It saves the short term trim values that it has to make to meet the lambda targets, as long term trims. Which you can then choose to apply to the base fuel table. Which resets the long term trims back to zero. Idea being that eventually the long term trims get really small.
No knock control in this one, would have to go to the elite 2000 or 2500 to get that. Or a 1500 (4cylinder) and use wasted spark and batch injection. I'm not too stressed though, I just use a little clipon wireless radio mic. Low-tech but it works ok. Still, not too keen to push the timing on it till I get it on a dyno.
I agree that it would be interesting to see what a modern ECU does on a NA motor. Way better economy I would say. Also just so well behaved compared to running a carby. I'm a full EFI convert now. I love it. Apart from the whole artifact that is an ECU, it's waay simpler.