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You actually need both.
After you let off the gas to shift (and your turbo is spooled up), obviously your turbo is still spinning very fast. That means it's still forcing air through your intake piping. Since you let off the gas to shift, a throttle plate closed in the opening in your throttle body, not allowing hardly any air past it (just enough air to idle). All this air that the turbo has moved since you let off the gas has no where to go. It slams into the closed throttle plate, and sends a shockwave of air back towards the turbochargers compressor wheel. This brute shock to the compressor wheel over and over again can cause premature failure of the compressor wheel (breaking off fins and such). Also, this air keeps piling up inside your intake pipe, making more and more pressure inside. This pressure is working against your turbocharger, rapidly slowing it down. Once you shift gears, and resume acceleration, you want the turbo to be spinning as fast as possible to build up boost. With a BOV, between shifts and once the pressure has built up in your intake pipe, it forces open the blow off valve, and releases pressure above a predetermined level, and effectively lets the turbocharger "freewheel" (continue spinning at a high rate of speed without creating excess pressure in the intake system). This keeps the turbo spooled up and ready to make boost after your shift.
The Blow Off Valve has nothing to do with controlling how much pressure you want your engine to intake.
The wastegate serves that purpose. In a similiar design theory, also working by means of air pressure, the wastegate (at a predetermined pressure level) opens up to allow your EXHAUST gasses to go around the turbine wheel. This happens to keep the turbo from spinning any faster because you've reached your desired level of boost, and you don't want any more. If there was no wastegate, your turbo would continue building up more and more boost. Not really a good idea.
The wastegate is on the exhaust side of the turbo, and is your sole means of controlling boost. The wastegate itself is only a small flap coving a hole in the turbine housing. It is the actuator that determines when that flap is allowed to open (at a given boost pressure).
Hope that helps. I also reccomend taking a look at the "How turbochargers work" section on www.howstuffworks.com
1996 Eclipse RS / 5-Speed / Body Components by Aerogear / Coated in Magnetic Red Metallic v2 - More at http://home.insightbb.com/~mgalyan/ Mark Galyan - Greenwood, Indiana

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