Dave is right....it idle/cruise (with a closed loop chip) O2 X-counts should add up very quickly. If they are extremely low after a good while of driving or aren't moving at all, I'd investigate the O2 sensor. New ones run around $50 and have a lifetime warranty (from most retail stores). Like Dave mentioned, 1,3, & 4 wire O2 sensors (3 for ours) are about as useful as the stock boost gauge. The thing to look for when tuning with the stock O2 sensor (when it's functioning properly) is trends. In closed loop, the O2 is pretty good at spotting trends in fueling. This will give you a guide as to where to go (fueling-wise) for driveability, fuel economy, etc....
Verify that it is working via scantool and go from there.
Michael