There are 3 sets of wires on a LVC (for the type we are discussing). One set measures the voltage of the battery, and connects to the speed control's battery wires. Another set connects to the speed control's receiver wire (that would normally plug into channel two). The third set connects to channel two on the receiver. The way the device works is it detects the voltage of the battery, and once the voltage gets low enough, it modifies the signal from the receiver to the speed control so that the motor pulses.
Let me know if you still need a picture.

That makes sense. Clarification(cuz i always have to!), wire to the controller batts connectors as you do with a ubec(more little wires to go with big ones...how fun!), then you plug the receiver harness into the lvc, then plug the lvc in channel two? So there must be a Y adaptor involved here?

No Y-adapter. Here is a choice for a LVC to demonstrate how they are hooked up:
http://www2.towerhobbies.com/cgi-bin...ir&FVPROFIL=++
The red wire connects to the positive battery wire that goes to the speed control. The speed control's receiver wire plugs into those three pins that are sticking out to the right. The other receiver wire plugs into the channel two on the receiver.

i see, that's kinda like a y adaptor but different. got it! thanks! now it makes sense!