Been a long time since I've been inside the front of an R, but that should be your BAS (bank angle sensor). Does it say "UP" on top? If so, that's the one.
It sure should do they are brilliant! and probably not advisable but you can take the BAS and the side stand switch off without any problems! well until you fall off that is! lol i took mine off but then i am a superhero! ha ha ha
By run a little smoother from idle do you mean that or less snatchy? by their very nature V twins can be a bit jerky with a low rev pull away, get on the gas a bit and they are smoother on take off! I adjusted every clutch adjustment and that helped a lot! When you get the Ecm then you know thats right at least! i LOVE mine!!
If your bike "burps" its probably gas related! ha ha ha Seriously mine runs just perfect everywhere so i hope you get the same outcome! They have slightly refined the latest ecm`s compared to the EBR ecm which may help even more, and mate picky is good i am just the same!!