Yes, the discharge modes definately will measure battery capacity, even each indivdual cell's capacity. This thing has 12Mb of memory, so it can log temps, current, voltage, capacity, Ri, for each cell for a 36hr run of auto cycleing the battery or whatever you set it up to do. These chargers are very very slick.
Get this, you can actually power the charger from the very battery that it's charging, and just set it to balance and log data rather than to try to charge. Then you have on-board balancing, and you can upload the data to see how each indivdual cell's voltage was holding up through your ride. These chargers are very slick, and smaller than a little paperback book.
Here is a link to the users manual:
http://www.hillrc.com/UploadFiles/iC208B_en.pdf
Special features
l High power, high current, high-performance power conversion circuit. The iCharger series uses advanced Synchronous buck-boost DC/DC converter technology with an output conversion efficiency that can reach over 90%. This not only saves power and reduces heat build up but also makes the charger more compact and conveniently mobile.
l Input power with 4mm bullet connectors (25A) butt-welded alligator clips and wide input voltage ranges from 4.5V to 32V. The output power can be adjusted to align with the available input power, thus preventting input current overload and protecting the DC source.
l The iCharger series can be used with three types of Lithium batteries - LiPo, Lilo, LiFe - and has a fully integrated cell balancer.
l Internal temperature sensor and temperature controlled automatic cooling FAN controls the internal temperature and provides intelligent protection. When the internal temperature is over 60℃(140 oF), the output power is automatically reduced by 25%. If the temperature exceeds 65℃(149 oF) the charge cycle is stopped.
l Convenient set of 10 battery profile memories that can be saved and loaded by number.
l 2x16 backlit LCD screen that provides rich information including active mode, current, voltage, total charge (mAh), charging time and temperature etc.
l Various charging/discharging settings and cycles to meet a wide range of customer needs. For Lithium batteries: balance charging, normal charging, fast charging, storage, discharging, ext-discharging, charge/discharge cycling, and battery monitoring. For NiCd/NiMH batteries: charging-auto, charging-manual, discharging, charge/discharge cycling and forming charge. For Pb batteries: charging and discharging.
l Unique Lithium battery expanding discharge program. When you connect the external capacity resistance, you can use it as the maximum discharge power capacityâ€â€600W (@30V/20A).
l iCharger 208B has a 16Mbit flash storage, which can log offline charge and discharge data in 36 hours. The users can transfer these data to logview for analyzing and plotting when it is necessary.
l Unique Lithium battery Monitor program. When you use other equipment to charge or discharge a Lithium pack, you can use the iCharger to monitor the per-cell voltages, battery temperature and process time. If any individual cell appears over-charged or over-discharged or the pack is too hot or the process has gone on for too long, the iCharger will generate an alarm sound and the related information will blink.
l Electric motor test mode can be used to run-in electric motors, test motor parameters and performanc, e, check tolerances etc.
l Foam-cut drive. In th, is mode, the charger acts as a convenient power supply for a hot wire foam cutter.
l Battery interior resistance measurement. The iCharger can not only measure the internal resistance of the battery pack, and also can measure the per-cell internal resistance (only available for lithium battery).
l Perfect protection. The iCharger has protection for reversed polarity (input or output), low input voltage, battery temperature, charging capacity and time overrun.
l Support upgrading the hardware program by USB port. The iCharger also support the “logview†software and can display, plot and analyze the charge and discharge data by it. (See detail information about logview in the following website: http://www.logview.info)
Per-cell Ri testing!! 
