To be fair I think the o2 sensor one is more the person behind the tool rather than the reader.
If I remember right there's 4 codes for lambda sensors: heater circuit open, o2 sensor circuit open, o2 sensor reading too high, o2 sensor reading too low, maybe some others.
The first 2 are candidates for new sensor, but worth checking the wiring first. The last 2 have an outside chance of being the lambda sensor but youd be looking for vac leak or over fuelling/ misfire type problems first. Maybe even just an Italian tune up.
Going by the forums though, any of those 4 normally has the person buying a new sensor without any other tests.
That's where oscilloscope or even live data from a lot of the PC tools earn their crust. They can be really useful for plotting lambda values and watching it switching.
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