Rick,
The "LS" engine controller is one of many/any that are capable of running one of GM's LS-series engines. These generally have sequential injection, distributorless ignition, coil-on-plug ignition, etc. As with many GM control systems, even the OEM parts have a bunch of aftermarket support and some tuning capability. I think an LS-1 system was used early on as a stand-alone system to run the new Hemi, so the 4.7L shouldn't be too hard to adapt, either.

Clair