I checked out my wiring over the last few days. I hadn't made the wiring error after all - I had grey as earth as it should be.
I re-installed with the bung they give you to weld onto the exhaust and installed it as a monitoring lambda only, leaving the car to run on it's own narrow-band sensor. I also fed it with it's own switched 12 volts feed.
Anyway, it still swings around like a demented-thing. Full-lean to full rich etc.
I looked on the innovate website and they say that there's a batch-fault which causes these symptoms whereby it goes into a recalibration-cycle at power-up and then swings between extremes (like mine does).
I really, REALLY, regret buying one of these - what a pain in the arse they are! I've now got to deinstall it and try to get it fixed by someone. I wonder if the supplier is going to be interested? dunno..
Steve