I personally just use my phone and the torque app as well. The refresh rate really depends on the adapter, mine seems to refresh every .1-.2 seconds if I'm not scanning more than 3 or 4 things at a time. I'd consider it pretty damn good for the money, but the Aeroforce WILL give you a slightly quicker refresh rate. Not to mention it's consistent. If you're phone is like mine and occasionally hiccups, that WILL hinder the refresh rate on the app when it happens.
I'd say it's good until you're running a cam or something to that extreme, then I'd want that instant KR reading.