Armed with the codes at hand, you can diagnose and narrow down problems to AT LEAST the proper AREA of the engine. not having to purchase parts "willy-nilly" and toss them at the problem HOPING it will help is BOUND to be cheaper!
Using a laptop, you can use Alex Pepper's OBD-II software (google it) by purchasing only an adapter and the software itself.
That would be MY personal choice over an actual OBD-II reader as Pepper's software allows tons more things!