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8 years and never a problem. All it does is provide the computer with a proper impedance so the circuit is intact, and disconnects the skip shift gate so it never operates (i.e. as if the computer never instructed it to).
Virtually no possible problem. If the resistor fries or shorts the computer will detect that and let you know.
If you're thinking about getting a tune, you can have CAGS programmed out altogether -- you won't even get the shift light anymore. And it's free (assuming you were already going to get the tune).
The CAGS eliminator is a nice option for $20, it makes a nice dust cap for your tranny jack and the wiring harness plug so they don't get all gunked up. Anyone with a jack and jack stands can put it in, it's a snap, just unplug the old harness out of the tranny and plug in the CAGS eliminator.