It points to the oxygen sensor. Will changing this out pretty much take care of the fault or is there a possibility that there are other things involved. How have most of you faired in this category?

 

Not necessarily. You're O2 sensor may be fine, but something else is triggering it to signal the ECM. So, you'll need to start tracking it down symptomically, if that's case.

How is the vehicle running otherwise, and what is it?