With the base license, location tracking is based on "closest AP". This means that you see what is the closest access point to the device you track.

With the location license, location tracking shows the icon of the device you track, so it's more accurate.

With a location appliance (and location license), you see all the icons of all devices on a single map, whereas without the location appliance you have to search for items one by one, and you only see the icon of the device you are looking for.

SO, to answer your question, all versions will allow you to track APs, clients, rogues and RFID tags (802.11 active RFIDs), the difference being the accuracy and number of devices located per map.

This document will give you more details:

http://www.cisco.com/en/US/docs/wireless/wcs/5.0/configuration/guide/wcsovrv.html

Hope it helps

Jerome