14.7:1 AFR is the standard air fuel ratio for a naturally aspirated motor. That means 14.7 parts air, 1 part fuel. When you add boost, a number of things have to change. Since you're increasing the ammount of air in the motor, you have to increase the ammount of fuel too. This isn't just a straight across the board adjustment, because there are far too many variables to explain in detail here, but things like engine heat, outside air temp, engine load and rpm, etc all play a part in what the increased ratios should be.
Typically, a boosted engine can run between 11:1 AFR and 12.5-13:1 AFR. That meaning now you'd have less parts air to more fuel, but in reality since you've now packed the cylinders with more air, you have to add lots more fuel to get to those ratios. Adding extra fuel can and does help to cool the compressed air charge and prevent detonation. This is partially why a boosted motor will get less fuel economy in many cases.
So with 14.7:1 being the normal (stoiciometric) ratio, and 11(ish) being on the rich side, a boosted motor can also run on the lean side at 15.3+ during light throttle cruise as long as engine heat and correct timing control can help keep the motor from detonating.
The problem is that with these sleds, although they are light years ahead of where they were years ago, from an EFI standpoint, they are prehistoric, and very simple. They don't have the capacity to make changes to fuel and timing beyond a couple percentage points, and even with the mainstream control boxes for boosted applications, they monitor near enough functions to properly correct for boost. They simply add a certain ammount of fuel based on a boost reference signal and at certain rpms. Someone correct me if I'm wrong, but I don't think they will correct for engine heat? This is why there are many people with boosted motors who complain about crappy mileage. The systems simply dump more fuel in to control detonation, sort of like trying to flood a fire with gas..
The few boxes that have more power (intelligence) and can monitor and adjust for everything are quite a bit more expensive and are much harder to tune, but are still only part of the equation of properly setting up a boosted motor.
Sorry for the long read, hope that explains AFR a little?