Tony,
Yes - because it is a transceiver, this device "wakes up" the FAA ground station, and it will broadcast all the traffic in your area back to you. And of course you also get all the ADSB weather packages and benefits.
The 978/1090ES model is a dual band receiver, so it will also receive air-to-air signal from properly equipped aircraft. (Although this only has benefit in the rare situation you are out of range of a ground station and a so-equipped airplane is nearby). The AH model is a single band, but includes a built in solid state gyroscope (aka AHRS), which will enable the artificial horizon feature on your iFly.
Hope this helps, let us know if you have any more questions.
-Walter