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Unfortunately, it seems that the AS-EQ1 is rated for dual subs, I have yet to get an answer whether it will handle more then that... or will you need more then 1, but it is rated for multiple seating locations, where the SMS-1 will mainly handle just 1 position.
I hope it will handle more then 2 subs, as I have been very interested in the unit... And will likely be going with more then 2 subs in my great room in the future...
The SMS-1 will handle 4 I believe, 3 RCA and 1 Balanced...
But know that it does not work in the Time Domain...
Here is a good thread with a link to another product...
http://www.avsforum.com/avs-vb/showthread.php?t=1040178
Also I have a thread over there on the SVS unit with some great discussion about Sub EQ theory.