Got the scanner, installed it and have been playing around with this setup. The information you enter, engine size, vehicle weight etc is critical (obviously) to get the right data. I'm impressed with the sensitivity of this thing, hardly any lag at all. When I hit the gas, the tach responds quickly, in about a second or so.
You can monitor just about anything, as long as your vehicle has a sensor for it. Today I'll be watching O2 voltages. The trick is to know what the factory specs are supposed to be, which I haven't got a handle on yet. There's a lot to learn, you just have to play with it. You can observe data in just about any form, gauges, graphs, etc. You can log a trip and then retrieve the data, or view a map that displays your driving habits (mpg) or send screenshots of data via email, twitter, or to your computer (haven't tried any of that yet).
You can purchase additional apps that accompany the Torque Pro, a camera logger, knock detector and others. Cool!
One thing though, my particular scanner is about 3" inches long. That could be an issue if your OBD2 port is close to your legs and feet, as the scanner (when plugged into the port) could stick out and interfere with your driving. There are other scanners that are quite a bit smaller, around 1".
Definitely worth the 25 bucks or so I've spent.