I've been sitting here at work looking at threads all day about this and one of them explained that the PCM used EBP readings to help determine load. That would modify shift schedules and fueling. I'll try and get at that thread cause it was on one of those diesel programmer forums and looked reputable (but dont take this as first hand testimony cause he could be smoking).
Here it is:
http://forum.gopowerhungry.com/1999-2003-7-3l-power-stroke-diesel/6856-exhaust-bp-sensor.html
PHP has a great reputation so they're as likely as anyone to know.