I will give you the short answer. it is still relevant but not as advanced as the PCV. It helps when you have only tuners that know power commander stuff and not other tuning software like tune boy or the free tune ecu. If you need to run the injectors over the 80% pulse width ratio then a PC unit (III or V)is what you need. If your purchasing one then go PCV buy for a 09 is you have a older bike as the ecu are the same. Now Hans will baffle you with the technical stuff
Supposedly you can run a PCV on the older Rockets - people say they've done it. It is certainly not old tech to get the fueling right, so if you have a really good PC tuner, go for it. You can use TuneECU to open the secondaries and load a reasonable base tune with the all the ignition tables advanced as in the one for the highest gears. With the newer models, Dynojet has an ignition module so if you can find one, a good tuner can do that as well. This should not be necessary unless you've done some serious mods like cams.
Good luck finding a good tuner who is super experienced with TuneECU. If you can find one, he's probably also experienced with Tuneboy, which is infinitely preferable because you can dyno tune on the fly. This is what I got from old tech PCIII. It's not just the WOT performance but it's super smooth everywhere in the rpm-throttle position range. The blue curve is a run with the stock TOR tune. Not bad WOT power but it ran like crap. The A/F was 15.