No, it's a fraud. These so called chips are a bunch of unused junk circuits to look good, and one $0.01 resistor (seriously, that's all they cost). The resistor wires in with the IAT (intake air sensor). It fools the PCM into injecting a little more fuel for a short while. After that, it figures out that something is wrong and reduces the fuel amount again. Maybe by the power of suggestion, you will think you are getting more power.
If you want the real thing on the LS, there are no chips to add or change (same applies to most/all cars theses days). Instead, you need to get a FLASH programmer with some "tunes." SCT is the only one I keep hearing about for the LS.