ODBII Code Reader

I'll have to bite the bullet - you can't do a thing to a modern car without a code reader. Ideally, I would want to read the codes, reset most warning lights and read live data. If it could download data to a PC that would be good although not essential.

I'm looking at this one on fleabay:

VOLVO C70 V70 S70 V40 S90 Diagnostic Fault Reader Tool | eBay

If anyone has a better suggestion I would be grateful for the information.

Obviously, I'll be checking with the seller that it is compatable with my cars.