This sounds right to me. Personally, I have never even seen anything but $5 Chinese elm327 knock off, so to me such is gold standard…lol…
For spacefolk, I think the best way to think of that port is simply a port, and Bluetooth scan tool is just a way to get access and speak obdii. From there it’s all software dependent on what your software can read. And it seems that torque for android has respectable interpretation capabiloty, and will link you to the web for more details should you choose.
Auto diagnostics is pretty well covered already with tools out there. But being a hybrid hw/sw guy myself, I have interest should any maker(s) have ambition toward custom approaches for auto service industry. Being labview literate allows me to easily interface to obdii as well and roll up custom apps. So should any maker(s) have aspirations along the lines of a new service paradigm (aka repair delivery, remote readout of customer’s car data), I would welcome such a dialog…