Joel, what you have is called a TPMS (Tire Pressure Monitoring System). Federal law (The TREAD Act), has mandated that vehicles with a GVW of 10,000 pounds or less to have a TPMS. There has actually been a 3 year phase-in period of this mandate. This is the final year of the phase-in with a 100 percent compliance in September, which means all vehicles manufactured on this date or after with a GVW of <10,000, will have to have a form of TPMS.
Sounds great doesn't it? However there is no industry standard on these TPMS systems. Some are direct (measure air pressure), while some are indirect (measure the tilt, or wheel speed) to determine a low tire. Different systems alert you at different low pressure threshholds too. This threshold pressure is being contested in court as we speak by several manufacturers, suing the NHTSA.
A direct system is a lot better, but more expensive. They usually are a battery poweered rf transmitter built onto the inside of your valve stem. It sends a radio signal at certain intervals to an onboard computer, which you see on your display. However, this battery is not replaceable, and the whole valve stem with have to be replaced in 3-5 years at a current tune of average 50 - 150 bucks per stem. Also, if you ever use fix-a-flat, you can ruin the transmitter. Liquid and electronics do not match.
When you rotate tires on certain vehicles, you also have to reprogram the onboard computer so it can know the position of the tire sensor. This computer recalibration can be as easy as pushing a reset button on Toyota's to having to hook up an OBDII (On Board Diagnostics) to reprogram them. You also sometimes have to hook up an OBD tool to program sensors ID's when you replace the transmittor/stems. Even vehicles within the same brand name have different reset procedures. Some even have a sensor on the spare, that must be redone too.
I've had to purchase a $600 dollar tool, that will scan rf frequencies to see if a transmittor is actually working before we will service a vehicle with them. You have to CYA, so the customer won't blame you for a transmittor not working. This way you can note it beforehand.
All this labor time testing, reprogramming, and just liability in general, have drove up the costs of servicing these vehicles. Tires have now went high tech-but guess who has to pay for it? Also the average Joe Blow tire shop will not be able to work on these systems........which is EVERY vehicle under 10000 GVW after September. Most people don't have any idea of this and the sticker shock they get when you give them their bill.
Enough rambling. To answer your question, yes your Chevy should have a direct system on it, and it is fairly accurate. Just make sure you get someone qualified to change/rotate the tires on it................and don't use any kind of fix-a-flat in it.
http://www.myerstiresupply.com/pls/m...rt_id=wedp7651