As for taking all environmentals into consideration, it does. Baro, temp, humidity, angles...all taken into effect at the time you lase the target, then it gives you the drop data based off of that.
It does not correct for those differences in zero atmosphere and current atmosphere where you maybe be shooting. Example: I live at almost sea level (350 ft asl) and elk hunt around 9000 ft. I just punched the change into my Ballistic AE iphone app and the difference was 0.01 inch @ my 100 yard zero, too small to notice, compensate for or worry about. At 200 the difference is .1" in zero and 300 yards a .38" difference off of zero. That difference at 300 translates into about 1.5" @ 1000 yards. Enough to worry about? Maybe, up to you. Since I zero my stuff at 100 in theory I should be good as far out as I care to shoot and not have to rezero when I get to my hunting location. However I always check my stuff (near and far distances) as there always seems to be something I feel the need to tweak.