Good discussion here, fellas.
My understanding is the only purpose of the O2 sensor is to sniff the exhaust gas. Too much O2, the 0-5V the O2 sensor produces is low(er) voltages indicating to the ECU that it needs to send more fuel. Not enough O2, indicated by a higher voltage and thus indicates to the ECU that it needs to hold back on sending fuel. That's it. I don't know if going from sea level to 13'ers high up in the mountains would result in enough precise info from the O2 sensors to the ECU to adjust fuel properly.
The MAP sensor's sole job is to read air density and provide feedback to the ECU for fueling. Just as the air box temp sensor does with temperature in its own regard to the appropriate amount of fueling based on ambient air temps near the intake.
Finally, the miniature monkey with an abacus inside the ECU calculates using those inputs, and more highlighted in that paragraph below, to how much fuel the injector(s) deliver.
It makes sense if you don't think about it, and I'm far, far, FAR from a FI expert, and these are my own interpretations as a layman. ::008::
Now, someone like autoteach, please put this into a more understandable form.