can the basic ODBII interface clear codes and read them?
Only engine related, but you can read and clear engine related fault codes and see live data.
If you want to do anything else, you need Honda HDS (or a clone) or one of the multi-manufacturer devices. Garages use professional systems like Delphi or Snap-On, but DIYer multi-manufacturer devices are now appearing, such as Autel, Foxwell, CReader, etc. - other members have had mixed results, there's a few threads on the subject if you do a search.
The important things that you wont be able to access with the OBDII is SRS (airbags etc.) and ABS.