Yes the flywheel is brand new. You cant use it with stock PE stator though. it only goes with the kit and includes, the coil/cdi, regulator, stator and what ever else is in the photo. The regulator is unecessarily big but does fit under the tank, but you could use your own much smaller one. It might be worth while to double check the taper with them due to this comment from the guy in Canada who has one
It makes spark from a low kicking rpm but it runs on fixed timing, again I can't compare but the 400 seems to run well with it.
It also has enough amps to have a 60w headlight, 23 stop, 20 flashers, running all at once at about 2000 rpm.
The only problem I have had was that I received mine with a flywheel that had a bigger cone than my crankshaft, at first I tought it was a difference in crank taper from 250 ( for wich the system was sold) and the 400 so had a taper sleeve machined to adapt.
I later learned through this forum that it not so and that all 250 and 400 should have the same taper, so mine must have been a mistake at the factory but still I would double check if I were to order one.
Going by what the manufacturers say their ignition is to far superior than the stock suzuki one. Ive put 3 on bikes before and the owners had never had any complaints.