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You will also need a PC (Laptop perfered), and a ALDL cable (allows the PC to interface with the PCM). You can build the cable yourself, or purchase it from http://www.wotelectronics.com/cables.html
Generic chips and Hypertechs are a joke. They can't adjust anything or are extremely limited in what they can. I returned my HYP to summit after major disappointments (and I never even installed the "engine tuning" part of it either!) I use the LT1_edit software from carputing. It's great and worth every penny that I saved because it was cheaper than the hypertech. Reprogramming with the software is simple to do, but make sure you read EVERYTHING on the web page before you buy/program. I have no complaints and have reprogrammed my car about 50 times now with no problems. Customer service is excellent too.