Reactive O2 sensors are like batteries
A new o2 sensor produces about 10 to 11 millivolts 
across the 2 pins
A usable o2 sensor produces about 7 to 8 millivolts
A dead o2 sensor produces 5 or less millivolts
 
Resistance value readings
new o2 sensor +- 274 ohms
-+ 197 ohms
bad sensor +- 230 ohms
-+ 226 ohms
no biscuit (for bad reference) +- 233 ohms
-+ 233 ohms