Yes, you will either see discounted rates or, if none are available for the resort you have selected, it will show you rack rate and will display a message indicating there are no discounted rates available so regular (i.e. rack) rates are shown. You can look at as many different resorts as you like.
Discounts for deluxe resorts seem to be a flat $70 off. Depending on your dates, you will probably see a subset of room types available. For example, when I checked BC for a set of dates, there were no standard rooms available. At YC for those same dates, only concierge level was available.
I haven't checked mods or values so I can't tell you what the discounts are like there, but there are many other posts here in the Codes forum where people have listed the rates they are seeing.
Also the system is somewhat flakey at present and even if it shows you availability, some people are being kicked out of the application when they actually try to book the room!