I think it also tells the ECU of the fuel temperature to help adjust the mixture as well, but not 100% sure of that. However, it does route through the ECU, so you should get a check engine light if it's bad.
Don't remember anybody here ever saying they had to replace one, and it's a touch pricey.... I think around $80.00 or so.
My oil line fix
My 100k stopped odometer fix
Brace for impact, I'm in a "modifying mood". Massive thread count inbound.