Yeah auto x-ray is nice. You REALLY need the service manual for the year of ECM/components you are using though, as diagnosis is covered VERY well in them. Coupled with the scanner, it should make troubleshooting a breeze.
I like the Auto Xray, to be honest, I haven't used it a whole lot to monitor "live data" while troubleshooting, but I have watched as the vehicle is running, and it spits out some good data. At worst, its an expensive voltmeter! : ) But along with system voltage, of course there are things like O2 millivolts, closed/open loop indicator, lockup indicator, and a bunch of other stuff.
Wish I had something to hook mine up to, eventually I will.
Another couple of things to consider.
http://www.winaldl.webhop.net/ if you've got a laptop, make the cable and its even better than autoxray. Also, since I end up helping friends and family work on their cars, I wish I would have gotten a newer scanner, one that will handle both OBD1 and 2.
The scanner IMO has already paid for itself. (two diagnosis, one suspect piece alone would have cost $150 is the owner had guessed wrong, more than the scanner was, used) Not sure what route I will take, haven't been looking for an OBD2 laptop based program, (if there is such a thing) one of these days I'll have a laptop to use, and may not ever need a dedicated scanner again.