The options for your digivice:

1. Digivolution (duh)-
Digivolution is activated by your Digi-Soul
To activate your digi-soul happens when it can be called for. For some, you can activate it quickly by doing a gesture or a hand movement.
Ex-Punching the foe
-Snapping your fingers
Once activated the process will go like this:
For Champion Evolution:
DNA......CHARGE
For Ultimate Evolution:
DNA.......FULL CHARGE
For Mega (non-bio) Evolution:
DNA......OVERDRIVE
For BioMega Evolution:
BIO DNA....ACTIVATE
For Mode change evolution(Applies to both Mega Types, except it goes differently. You say the phrase when your digimon is at mega level. You say the phrase before going to BioMerge Mega)-
DNA.....BURST
2. Hold your Digi-Metal
Digi-Metal Evolution is activate when your character says-
"DIGI-METAL ENERGIZE!"
Thus the armor evolution will activate
3.To store your digimon
A handy way to carry your digimon around (Especially in the orphanage so Miss Parker doesn't freak out!)
4.Collecting Data
This is an interesting feature borrowed from Season 3's concept. Its kinda like card swipe also. The digitama's of fallen digimon go into your IC and will stay there (Its kinda like the purification thingy for 4 is just realized), but you can activate the data stored in your Digitama and transfer it to your digimon, though mind you data collected must be at rookie through ultimate level.
Ex: If i have Tuskmon's data in my IC i can do this.
DATA TRANSFER
TUSKMON'S PULZER PUNCH! ACTIVATE!
And thus, my digimon can do that attack during battle.
Pretty cool huh?
(This ability doesn't work for the level Ultimate or Mega on your digimon)
5. Digi-Radar-
You can find digimon appearances when the radar activates. The radar has a radius of 50miles
(Also helps find your teammates)
6. Holds your crest-
Sure we haven't received our crests yet (but those who start off with the Digi-metals get that in the beginning), but when we do, the crests will be stored into the IC and will allow Ultimate and Mega evolutions to take place (for the crest holders of course).

And that is the lesson on the Digivice capabilities