It doesn't run in closed loop i.e. they don't have an oxygen sensor and hence don't change the fuel mixture based on anything. If you change altitude, it will act just like a carb.
When we ran Holy Cross last year with Nate (ivie29, one of the CO guys who has projection) his truck died 5-10 times even though its an auto.
They do sell a kit to convert the system to closed loop but that involves spending more $$ (which I assume you are trying to avoid if you're considering projection in the first place).
Search for projection on any of the 4x4 sites, you won't find many people that like their projection. IMO, with a stock motor (or not much above stock power) the stock TBI is unbeatable.