OBD2 code reader - what do I need to know?

I've gone this long without an OBD2 code reader, but I'm ready to take the plunge. I'd like to keep it under a C-note unless there is good reason to spend more. Advantages/disadvantages of software and a laptop?

laptop=bulky.

I feel to fix something nowadays, you have to have freeze frame and real time data with a hand held scan tool. Doesn't have to be superduper fancy, but should at least do those things plus code reading/resetting.

Are you against a smartphone and bluetooth OBD2 dongle?

When I pull the trigger on one it will probably be a smartphone app/dongle just for portability.

That being said, most of my proffesional grade/factory specific scantools are PC based, I think it is the most comprehensive scantool option out there.

I got an Actron from the parts store. Its fine. Make sure that it actually has the code descriptions for different makes. Also make sure real-time data is actually real-time. My old scanner had a resolution of like 5 seconds. So it was more like freeze frame data every 5 seconds.

I'm looking into the bluetooth thing for my Droid but so far its far more pricey. The $68 I spent on the Actron does what I need... but of course I limit my intake of OBD2 vehicles :)

Near as I can tell, the first 1024 codes are universal, anything above that is manufacturer specific.

I have a $50 Harbor Freight code scanner and a cable/software for my laptop. The laptop will pull anything OBD2 can tell you, show a virtual dash with more gauges than my real dash has, etc, etc, but 99% of the time it's easier to jut plug in the $50 HF unit in and hit "scan".

I'm about to put maybe $15.00 into the smartphone OBDII system I believe is named Torque.

What bluetooth/OBD adapter is out there that works. I've gotten (and returned) a few of the $15-30 adapters from Amazon.

Is there any option between the cheap ones that don't work and the $99 PLX Kiwi.

I got the laptop deal. As often as I have to use it (almost never) I'm a happy camper.

I'm intrigued by the smart phone dongles just for code reading/resetting, but if you are actually "diagnosing", you need a real-time tool with access to the data. I have a PC-based system on a laptop and I can pull up gauges, sensors, and data real-time and then record it on a test drive so I can go back and analyze the data. We've done laps at an HPDE with an LS1-swap FC RX-7 using it and got some wicked cool info on IAT.

I have this one, and have been real happy with it so far. It provides more information than I'll ever use.

http://www.harborfreight.com/obd-ii-eobd-multilingual-code-scanner-99722.html

It will freeze frame and graph just about any sensor.