You need a soldering iron (cheap pencil kind is fine). Some desoldering braid is nice, too, for removing the one resistor (as, I believe, you still must do). Other than that, you need whatever you want to use to make the holes in the plastic case (a butter knife and a lighter would probably work, but other ways are probably better).
If you want to connect it to a standard BC hose, you'll want the $34 tubing-with-adapter gadget. (I prefer that method, myself.) The $5 metal sensor saver cap is a luxury, perhaps, but $5 is pocket change, and if it makes the sensor last longer (or protects it from an unexpected poke), it'd be worth it. I decided to pick up both of those.