yes it will let you read and clear codes, it will also read the O2 sensors and tell you their response time. It also reads the engine temp, air temp, and several other sensors, I don't remember if it reads the MAF sensor or not though, I will have to double check that.
It does also come with a speed tool that if configured correctly should tell you HP and torque of the vehicle as well as 0-60 and other functions, not bad for the money.