I converted my older SBC to GM TBI. The only real advantage is that it's better than anyones carb on the trail and it's cheap. However, it's an extremely primitive setup. Uses MAP, Throttle position, o2 and RPM to calculate fuel. The big downfall is how slow the computer processes all this information and makes adjustments. They are VERY slow. Regardless of what everyone tells you, you WILL need to have a custom chip burned to have it run correctly if you're going to push its limits. Lots of good info on the binderplanet forums. The limiting factor is how much air you can push through the larger 454 throttle body. You can raise fuel pressure and tuning to add fuel all day long, but only so much air through the throttle body. You can always run two throttle bodies and get more air in that way, but by the time you spend for an intake you'd be close to $$ for a FAST setup or similar.
Go read the info in the "FAQ's in the Binderplant, Injection Section" forum. That will give you all you need to know about GM TBI. I may be interested in selling my chip burning hardware and tuning stuff if you're really interested.