Chrysler Repair: P0601 `01 Durango, eprom chips, injector pulse

Question
My 01 Durango is giving me the P0601 Code which I know is the PCM needing to be replaced.  My question is this.  I have read on other forum boards and things that this means that engine is no longer monitoring any of the sensor's.  Is this true and if so does this mean that truck is running on base fueling maps and not correcting timing and injector pulse widths based on conditions?  How else does this effect the performance of the vehicle?  Is the Transmission controlled by the PCM?  Any help you can give is much appreciated.

Answer
U have several Eprom chips int he computer  and the 601 is one of them that has gone bad.  U might have some of the sensors using a base line and others working like they usually do.
Depends on what kinda tranny u have if there is another computer for your tranny .