I would say the Nanocom is a bit expensive and over the top for the Freelander 2. The Freelander doesn't have all the fancy stuff on it like the Disco's or the Rangie's and is pretty basic.
I would say you only would need a basic OBDII reader for your Freelander. I have 3 different LAUNCH branded tools ranging from $200 up to my Pro unit at $1700 and although the Pro unit is really nice to use and can do everything you could ever need on any car, for general maintenance on the freelander the basic unit is fine.
Have a look on ebay for the LAUNCH CReader V+ for under $50
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