Yeah, it probably suits you well. Audyssey' Sub Equalizer is the same unit, but will perform better simply due to a superior mic (that you must purchase) in the Audyssey Pro Kit. This is only worth it if you're going to do the Pro cal with any Audyssey Pro capable receiver/prepro, IMO.
If you ever think of going to 3 or 4 subs, JBL's BassQ is the new thing, and people say it works great. This unit is actually even easier to use than the ASEQ1, so far as I know (doesn't even need to plug into laptop, or do I have that wrong?) A true plug n play. I believe it uses 4 mics instead of 1 being moved around, doing 4 sweeps, for a total of 16 measurements. The problem is that it will probably cost nearly double your price on the SVS.