It's still using the same basic setup that SECS uses, i.e. merely a voltmeter measuring sensor values.
The collins monitor is totally different and superior in the fact that it's a data stream from the ECU so not only can you see what the ECU is seeing but also has features such as being able to see ignition timing values etc.
Just find it weird how people rave about the IECS like it's some mind blowing invention lol, SECS has the alarm features as well.
Martin