Well i don't know much but, it is an adapter that connects to the cars OBD port and connects to an Android smartphone using the bluetooth interface. And if im correct, there are wifi adapters that connect to Apple smartphone AKA the iPhone!
I am not sure about oil pressure, but water temperature you can definitely see. Basicly whatever information is made available to the DME over the CAN bus, you can see.
There is also a more specialized app for Android devices, called BMWhat which is also able to access modules and parameters beyond the OBD specifications. Much like a mobile version of DIS or ISTA-D. It also supports coding, but only for some specific pre-defined functions. Currently it doesn't work well with the MINI but it may get better.
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