I just bought the AutoEnginuity with Ford Bundle last month to diagnose my 2001 7.3 and have played with it a few times in my 2003 Excursion as well. So far I really like it, but haven't used it enough to reach the full capabilities it has to offer. It has the capability of reading/monitoring multiple sensors on the vehicle and can read clear codes fro many different systems. When I was trying it out on the Excursion it pulled up like 549 different sensors and even pointed me to which backup sensor has a fault in the circuit (always knew there was something going on with it as it seemed to work sometimes and not other times). I forget right off hand how many sensors it pulled up on the 2001 7.3 truck but is was more than I would have imagined. Has several different key on and key off test you can run which was a help in diagnosing my 2001 7.3 since it wouldn't start. For me since I tend to work on my vehicles anyway and owning two Fords I justified the purchase by factoring in having the 2001 towed to a reputable shop or just throwing parts at it as well as any future needs that might arise needing to get these trucks scanned. Plus it offers the expand-ability to other vehicles with the same precision if needed at an affordable price. It is suppose to read many generic codes without having to have the manufacture specific enhancements, but I have not tried it on anything besides the two Fords. I had a laptop that wasn't being used already so all I had to purchase was the software.
You can also save your vehicles and data related to each vehicle along with your notes. I have only used it enough to know how to be dangerous so far, but was worth the investment for me.