I sent a data file from a water pickup on my modified recorder to Eagletree so they could use it to test the software. They have been working on a wireless data link, so the speed sensor hasn't been top priority. I hope to test the data link on our straight line boats as soon as I can get one. Knowing the rpm is very important to us since the engine will self destruct when seriously over reved.
As far as I can tell it is a true telemetry setup. There is a picture on the Eagle Tree site, www.eagletreesystems.com. The standard software won't translate the pressure readings from my water pressure pickup. It was easy to add the high pressure sensor to my recorder, the software doesn't seem as easy.
If Eagletree get the wet speed sensor to work together with the temp and rpm sensors on a telemetry type set-up, that will make a very powerful tuning tool, anyone who cannot see this has their eyes closed to put it nicely.