John,
I think I am going to get mine installed in late january. I will give you an update once I give the truck a little run.
Live valve shocks electronically operate the valving in the shock based on certain parameters that are read from sensor inputs. The shocks valving can only open and close so much, so they only operate within a set compression and rebound range. Lets take compression as an example. In a normal adjustable shock you have clickers that you can adjust to make the shock stiffer or softer. You need to turn that knob to change the way a shock compresses.
Live valve shocks move these clickers for you in real time based on the sensor input. That way you have a shock that operates best over different terrain (street dirt etc).
Ford went a little further and allow you to select a terrain mode. This terrain mode effects how the shocks work and kind makes the auto adjustment range of the shock more specific and further refines it's operation.
The 3.0 live valves have an external adjustment for compression and rebound that allow you to move that range around. So imagine it a little like this
If you have 100 compression clickers on a shock with 1 being full soft and 100 being full hard you would dial it into maybe 90 for agressive smooth road driving and maybe down to 24 for rock crawling and slower offroad driving. Selecting the terrain mode puts the shock into a operating range say 45 clicks to 75 clicks. Then the shock essentially works with the sensors to open and close the valving based on sensor input.
The external adjuster allows you to essentially have 1 to 200 clicks of adjustment and then the live valve will operate within that set range.....
that's a really great explanation of the way the live valve system works.
I'm pretty sure that Fox added the single adjustment knob for firm and soft because they knew that ford would never allow for a BCM flash to account for the larger fluid volume in the upgraded shocks.
With the dial, You can shift that working range based on what you're feeling and essentially accommodate for the fluid volume and your driving style.
The only thing that I really wish Ford would have done is to use a stand-alone suspension computer, like in the gt350s and gt500s with magneride.
If they had done it that way, it would have opened up a TON of new suspension options, in particular for trucks running the 4.0s, and 4.5s and would have created an entirely new breed of suspension company and tuners. You could have been able to flash suspension tunes like engine tunes, including being able to Log the inputs for precise tuning.
but c'est la vie. it didn't go that way, but it's pretty cool that y'all have the option at all.