If we can solve the schrodinger equation directly then in principle we know everything. However we can think of two instances:
1) we are able to determine the exact energies, without the wavefunctions. This lets us determine moleculer shapes and also lets us predict the outcome of reactions.
2) we are able to determine the wavefunction exactly. This means in theory we can learn everything about the system, which is more powerful.
We can then tale it one step furhter, in that if we can determine the wavefunction for a single molecule, can we determine the wavefunction for a reaction. If so, we know the exact outcomes of this reaction. Taken even further we might get to a 'universal wavefunction' which will tell us everything that will happen in the universe. So much for free choice!
Of course this is rather fanciful. In fact we try and use these energies to predict reaction outcomes. In these cases we are looking at accuracies of around 1 kj/mol, which is sometimes doable.