The Hypertech programmer allows you to do a number of things like altering the rev limitter, correcting the speedo, etc.
Seperately, it has a performance tune program that has a more aggressive spark advance. The claim is that the factory settings make an allowance for the car to run on 87 octane fuel. It's not supposed to, but it will tolerate it. In fact, the factory program is more tolerant in general and more compatible with a multitude of mods. The Hypertech program is more aggressive and specific. It requires 93+ octane fuel period. No engine mods allowed other than free flow air intake and exhaust. MAF upgrade (descreening or larger MAF) is specifically listed as something they won't work well with.
For this, they are claiming a small power gain. Like 5hp. And a definate increase in throttle response (which isn't really that useful, but still nice). On some applications they show large increases... particularly on trucks and such. On Corvettes, the gains they are claiming are typically small, but there.
For example, on my LT4, they are claiming an 8hp increase, and they have dyno runs on a stock LT4 running 93 octane gas to prove it. I find that believable. It's not like the 70hp increases some of the exhaust systems claim... it's actually within the realm of real possibility.
I have a pet theory that maybe the folks who are claiming that it does nothing or actually reduces power tried it on an engine with other incompatible modifications or were otherwise outside of the parameters of what it was designed for. But even if it does work, we're not talking about a huge difference here. But probably not bad for the money in terms of bang for buck. Unless you intend to also make modifications in the future that won't be compatible with it.
Hypertech itself says that if you're going to do anything more than these couple of common basic mods, you'll need their custom programming service.
There's also a good number of posts from people on these forums who were pleased with the results they got from Hypertech. So really, I wouldn't toss the thing in the trash or something. At least, not without giving it a proper chance.