I've used the iobd2 with my iPhone, mainly to get and clear codes from my O2 sensors. It works fine for that. At first I tried to use it also for live data, just because it can really, but I found the connection to be a touch unstable. However, they've done a few updates in the last few months and stability is good. It gives me read outs from the O2 sensors live, not that I have any idea what they're supposed to be I've not got round to checking the workshop manual. On mine it eems two like to be around 0.3v and two around 0.7v FWIW
Not tried torque yet.