It will work to some degree. My v2.1 will also work, and 2.0 is even more configurable, has accelerometers (I hate typing that word) to keep it level. Basically it goes between the receiver and servos/ESC. My price is the same as Ebay $59 inc S&H to USA. I2C is the communication protocol to a sensor. If you hook sensors to an Arduino you still have to write the code. Which is what I'm doing...