Here's what I received from IOTA Engineering and it's exactly what I expected:
Iota Engineering has not issued a recall on the ITS-50. Monaco issued a recall due to installation issues. You are correct, the issue is making sure the wire lugs are tightened down properly.
If you take the cover off the ITS-50, you will see a row of 13 wire lugs with two screws each. Make sure all those screws are tight. Our specs call for 45 inch pounds. You may also want to put some lock tight on the screws if you want to.
If you see signs of any of the wires getting hot, that is evidence of a loose connection. Let me know if you see any problems or if you have any further questions.
Regards.
Jay Settlemyre
Iota Engineering Tech Support
www.iotaengineering.com1-800-866-4682 ext 160
FWIW, I ordered and have received a torque driver from Amazon,
http://www.amazon.com/gp/product/B000RZ1D86 . They aren't cheap, but neither is piece of mind.
Gil