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Currently shows the blizzard's reported item level, item level as calculated by the addon, and the item id with more planned for the future. It is a great way to tell if items are severely off from their item budget. Some stats are not yet supported such as extra armor (common on tanking rings) and procs/uses can't realistically be supported. Meta sockets
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SpellTips is an addon that will modify your tooltips to show approximately how much damage or healing a spell will really do with Spell Power gear equipped. All tooltips are affected now even pets (only water elemental's currently) and the trainer window are supported so you must disable it from the UI screen to see base values anywhere. It is simplistic