The answer is 'yes' but it's limited.

You can check the engine, and do logging of engine components such as boost and MAF readings. You can clear the codes and view them for engine module.

The radio module and a few others will not be able to get in and mess around with it.

There is a whole other thread about this issue at:
<a href="http://forums.audiworld.com/rs6/msgs/1466.phtml">The other thread!</a>

<ul><li><a href="http://www.ross-tech.com/vag-com/hex-com-upgrade.html">http://www.ross-tech.com/vag-com/hex-com-upgrade.html</a</li></ul>

I paid $200 for the darn thing.
Now to upgrade, I still have to pay another $119, when the tool costs only $279.

I don't need it that bad, and you should really give a better deal to current customers if you ask me.