I've looked at buying one like that before too...
http://www.scantool.net/
The ELM 327 chipboard that these guys use (possibly a newer design by now) is widely used. Just avoid the China copies. The software you use can change how good your results are here, so consider that too. Good news is that most of that software is compatible with any ELM 327 tool, so the brand software doesn't necessarily have to be from who you buy the tool from. Cheaper to buy it all at once though, and scantool.net comes pretty highly recommended I think.
What I don't like about these is that they generally do not have "enhanced" data. Enhanced means OEM type data, instead of the typical generic OBD2 data, which is lower resolution and doesn't cover everything. Get Enhanced any time you can. I think with scantool.net, you can actually add the enhanced data on, by buying it per manufacturer (GM, Ford, Dodge).
The great part about this setup is that a laptop (required) has a lot more computing power than most traditional scan tools. This makes the refresh and sample rate much faster, and also makes datalogging possible. This can be very handy. Lugging a laptop around in a car is not so handy though.
The Innova Equus line of scantools is worth a look too! It would be very handy if your scan tool did AC, ABS, Body Modules, Trannies, etc. and not just engines.
But without getting carried away, one of those OBD loggers is a cheap way into high speed OBD2 datastream. Buying one of these is money in the bank, as cars are not ever going back to the days of carburetors! And the OBD2 standard seems to be a long lasting thing. Can't go wrong with an OBD2 scan tool! Buy it.