I have had an HKS EGT for over ten years. It is installed in the elbow, where suggested in the instructions or by a tech at HKS. (Forget which, but I followed the recommendations.) The absolute temp reading is not NEARLY as important as the relative DELTA (temp shift/creep/change/stability, etc... you choose) as you explore varying conditions during tuning, as a measure of mods, or simply as feedback while making a pull/cruise/idle/etc... It's all about FEEDBACK.
Cause and effect. You can mount it in a number of locations, but the key is to understand that it is allowing your motor to TALK TO YOU...
In my opinion, if it SPIKES, you either have a breakdown in some sub-system or mechanical part of your motor, or have not established a progressive tune that has been carefully monitored as you dialed-in your tune.
My EGT is near the o2 sensor, and I can see the difference by just changing fuels. It responds well enough for me to see the change from gentle to more pronounced throttle... and as I sweep through the rpm band. It shows me information that is stable and responsive under load at varying boost settings... and when I vary my HKS VPC, EVC, or GCC controls, I can see the meter's behavior change.
I'm no expert on EGT methodology, and I have no technical training or other basis for my claims. I haven't read or heard much about it, as I'm still a relative "noob" in these forums... and I spent the first dozen plus years with my supra with no outside input on it... but having had this car 14 years, and watched the behavior of my EGT on every driving moment of well over 50k of those miles... I'm pretty sure it is giving me some visual data of engine conditions that are of purpose and value in my experience.
-crisp