From another forum, this question was raised and there doesn't seem to be much progress in answering it.
What reading would you get from two lambda sensors, one before the catalytic convert and one after, with the engine in steady-state and open-loop?
One chap contends they will read the same, another says they'll be different.
http://forums.autosport.com/showthread.php?s=&threadid=106703&perpage=40&display=&pagenumber=1
I figure you guys must have some data on this.
The discussion on how lambda sensors work is very interesting as well.