I would do the following...
Unhook the connectors from the PCIII but dont remove it and try to start the bike up and see if it starts fine.
If it does then hook the PCIII back up and load a "0" map into it and make sure the throttle position is set right, check and double check the connectors to make sure they are the right ones and are connected completely.
If the bike still dos the same thing then do like was said and get the RMA from DJ and send it back as you ahve a defective unit and dont let the chick in the RMA dept tell you anything otherwise.
My very first one was bad right out of the box, bike would start at first but would cut out and spit and sputter. CAlled them and she argues with me for 30 mins. Finally get her to issue the RMA and was mad as I had spent like $30 extra on next day shipping to get in time for a weekend ride. It was pulling tooth and nails to get them to take it back, fix it, admit I was right and it was defective, and for them to ship it back to me next day air for all of the trouble.
Turned out mine had an internal cross short in it, done during the manufacturing process. My dealer said you would not believe the amount of defective PCIII they get all of the time.
Good luck with it...