It doesn't decode RDS, and its not as selective or sensitive as the 01 in my experience (or my unit is just a fluke).
*sorry for the bad info earlier*
Your unit may be a fluke. It does decode RDBS. Side by side, my NS-HD02 is out performing the NS-HD01 by 3x. The NS-HD01 on 107.1 MHz and other frequencies, here, you hear over load from the big local FM signals (92.3, 93.3, 94.1, 95.5, 105.1). The NS-HD02 I don't hear anything like this with it. I can hear weak signals on NS-HD02 that I can't NS-HD01. It locks in HD about as good as the NS-HD01 does. The NS-HD01 decodes RDBS quicker than the 02. The 02 needs a stronger signal to see RDS on it too.
--Mike Fitzpatrick Broadcast Engineer
Put your boots on folks, it's getting pretty deep in here! Note: opinions and advice given here are mine and mine only.