Bob,
From their instructions on their website (
http://www.fantasticvent.com/faq/kno...o_install.html ), they claim it is a closed cell gasket to go between the flange of the housing and the roof material.
But then they also want you to "silicone" the edges after installation which we all know is a no-no on a Dicor roof membrane. Like you, I'm very leery of the foam gasket.
If it was my rig, I'd get a roll of 1" butyl putty tape and place it around the opening instead of the foam gasket. The only issue there is to do it when it's warm enough for the putty tape to squish down properly as you screw in the vent flange.
And when everything is tightened down, I'd use Dicor's self-leveling caulk to cover all the edges and screw heads in the same manner that Keystone originally installs all that stuff up on the roof.
__________________
'11 Cougar 326MKS loaded with mods
'12 Ford F250 SuperCab 6.7 PowerStroke Diesel
Amateur Radio: KD2IAT (146.520)
GMRS: WQPG808 (462.675 TPL 141.3)