Hi Joe,
Traffic shows as delta arrows on all map screens, and includes an MSL Pressure Altitude tag. We don't show relative altitude because the only altitude your tablet is aware of is GPS altitude, and this can differ by +/- 10% of pressure altitude.
The next release, which is currently in beta, has some new features that will allow you to specifiy traffic filters. Also we've added a "Traffic Radar" instrument which you can put on any of the maps, or in your Panel Page. This instrument works pretty much like a radar: It gives you a track-up view of nearby aircraft. You can specify size & scale of the instrument, and if you make it big enough we'll add altitude tag and trajectory stingers to the targets.
Cheers,
Walter