What exactly does it do, where can I get it, and how do I use it?

 

All the info you need, right here:
http://carputing.tripod.com

 

Does it do everything the hypertech does? Is it worth $450? At what point in my 'modding' should I purchase this?

 

I've never used Edit myself, while I do have a Hypertech. Just reading what Edit covers, I think that the Hypertech is merely a child's toy!

 

LS1-Edit is far more advanced than Hypertech. This is a software to modify an assortment of things in your VCM, but ... HPTuners can do far more than LS1-Edit and about the same cost. I use HPTuners exclusively and can modify most every parameter in my VCMs, to both my 1998 Z28 Race car and my 2001 SS daily driver. Typically when you do heads and cam is when you would want to start looking for VCM tuning. Although if you have a factory stock vehicle, you can also benefit from VCM tuning.