For the one I had installed, the valet key is actually placed in a module up under the dash.

Security issue: When the car is remotely started, it automatically locks all the doors if it was not locked when you left it. Where I live security is not a real concern.

After the installation, the car has behaved exactly as it did prior to the job. It was a concern of mine given the complexity of the engine controls, but its been great so far.

hans