First off it's standalone, Ulitmate is only piggy back.
You have full control over everything basically, so yes to both.
From their website and this isn't even listing the unlocked features...
Engine Tuning Features
Windows based ECU Manager tuning software with user definable screen layouts
Individual cylinder tuning of both fuel delivery and ignition timing
Suits modern engines, including those with coil per cylinder ignition
4D fuel and ignition tables for engine mapping based on three channels ‡
Fully selectable input channels for all tables, including internal channels ‡
Fully configurable axis points on all tables ‡
Highly configurable crank and cam trigger inputs to suit almost all OEM sensors and tooth patterns
Free access to Wideband Lambda and data logging for initial tuning. Available for the first 8 hours of engine running time
Additional Distinct Features
Suitable for engines requiring the latest complex control functions, such as:
Continuously variable camshaft control (up to 2 inlet and 2 exhaust cams)
Drive by Wire throttle control
Capable of all other modern control functions, such as:
Traction control
Overrun boost enhancement (anti-lag)
Gear change ignition cut (flat shifts)
Boost control
Nitrous injection
Dual stage injection (Hi/Lo injection)
Fully configurable sensor inputs including custom calibrations
Configurable receiving and transmitting data via the CAN bus
Capable of receiving data from multiple Lambda measurement devices via CAN
Integrated advanced diagnostics, including injector & crank trigger diagnostics
Switchable between multiple configurations ‡
Ref/Sync capture displayed on the built-in digital oscilloscope ‡
Data Acquisition
Internal data logging (512 kB) with fast download via CAN
Three engine histogram logs including a tell-tale log ‡
State of the art i2 Standard or i2 Pro data analysis software
Upgradable with optional functionality to make additional features available when you want them, activated through a simple password system.