That would be the O2 sensor.
While I'm not an expert on our ECU or the PCV, I can look at it from an automotive perspective and say it would be very bad(tm) on a car.
On an OBD I/II system (are bikes OBD?), once the engine warms up, it operates in closed-loop mode, in which the engine continuously adjusts the fuel mix to ensure its as lean as possible (to save fuel) whilst avoiding detonation (to save the engine). While there are air/fuel maps in automotive ECUs, the fine tune is done by the O2 sensor - there are always differences in MAF current requirements, fuel rail pressures, and injector tolerances, but an O2 sensor will always send a cross at the same ratio.
Hence, at least on a car, removing the O2 sensor would cause a check engine light, massive amounts of fuel burn to avoid engine damage, a drop in mpg, the fouling of a catalytic converter, and a black coating on the back of the car.
I can't see our bikes as being that much different. =\