I'll start this off:
Ditch the myth - my BOV as did Pats, Dougs, Pauls, and some other west coasters all worked fine on a k-jet b21ft.
what it fixed was the sluggish delay in power after a shift at full throttle. Why there was a second of no power im not sure, probably something to do with the combination of the turbo stacking as well as the ignition retard functions being confused - not certain there. But everyone i've talked to with 12psi or more on k-jet knows what im talking about between 2nd and 3rd gear.
You want to mount it as close to the TB and possible - why? because thats where the pressure changes happen first. Why's that important? because i can shift faster then a BOV can release (enough) air on the turbo side of an intercooler.
Hows it work - the BOV is a big spring loaded valve with a diaphram in it that wont let it open until its literally pulled open first. Its pulled open by the vacuum hose to the intake manifold. Now it wont open until there is pressure in the pipe and vacuum in the manifold (e.g. just closed the throttle after boost) that leftover boost pushes the spring up (now that the diaphram is open) and releases the air until either the spring load is stronger the the pressure in the pipe and pushes the valve closed again, or you release the pressure by opening the throttle again. The way you set the spring initially is to watch the valve and rev the motor... as it opens you set it to seal shut as the throttle snaps back down to idle. I personally got pissed off at this going up to VT as everytime i let off the throttle it would pssssh even when not boosting. so i cranked it down till it was only opening in positive pressures.
What i have on my car, mainly to keep me from stuffing it with socks when it gets annoying is a hybrid propotional bov. Its called a Stealth FX made by GFB out of australia and costs about 2x what a normal bov costs. In the end its well worth the extra money imho. Its basically a bov with two vents, one to atmosphere and one to a plumbback fitting thats routed back into the turbo inlet - much like a CBV does under boost release (cbv's also let air past the turbo for better spoolup as well iirc). Then you can also set the proportion of how much you want to either side... i.e. 50/50 to each, or 100% atmo for loud and fun, or 100% bypass for quiet and good metering.
hope that helps.
[edit] heres the pics
http://forums.turbobricks.com/viewtopic.php?t=15929