Sounds like a Transformer, feels like a Terminator 2000 series. So what is it good for, and do any of you use it?
The Cyclops is Shockwave! It's a fixed structure in the Cyclops so you have to use it if you're piloting one. I don't think anyone has put any extensive research in the sensor suite yet. I do know that if you're in range a little reticle status symbol shows up on the right side of your hud on top of the ECM eye.
It's supposed to extend the sensor range of all friendly 'Mechs within 200 meters. So, increasing your sensor range will not extend the range of the passive effect. I believe it only affects allies, not yourself, but I may be wrong. Regardless, allied targeting information gets relayed to you so it still helps you in that respect. My understanding is that it will stack with your allies' other sensor range bonuses (BAP, sensor module, etc.), but I haven't actually seen that written anywhere. So if you need a sensor range boost and you see a friendly Cyclops nearby, go stand near it. I saw an LRM Stalker standing near an LRM Cyclops yesterday. Another example would be a scout running near a non-LRM Cyclops for a quick sensor boost and then running off again.
I'm not sure I understand what you're asking. If you mean "Is it currently broken?" then I don't know.