I have no idea what an EXUP Emulator is but never the less:
FmF is very limited in what it can do and what you can control. Can only add fuel.
PCV gives you a ginormous amount of control and options for adding and subtracting fuel.
FmF can be adjusted on the fly with the touch of a few buttons assuming it's mounted where you can reach it easily.
PCV will require a computer to make changes.
PCV allows you to add the Autotune module as well which will also provide a "living" adjustment while on the fly.
PCV costs more, but does more.
FmF costs less, does less, but for many people does enough.
It's your call as to which one suits you best.
Is coke better than pepsi?
McDonalds better than Burger King?
Steak better than lobster?
What do you want? What do you need? How much control do you wish to have.
FmF gives you basically 6 adjustments to make.
PCV lets you adjust for every 100 rpms or something like that.
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2008 WR250X
Gearing: 13t - 48t
Power Commander 5 / PC-V
Airbox Door Removed - Flapper glued - AIS removed
FmF Q4
Bridgestone Battlax BT-003rs