I'd recommend reading the AH review on the SMS-1:
velodyne-sms-1-subwoofer-parametric-eq-system
If you have subs without parametric equalization capabilities, the SMS-1 can help you tune your subs to your room. I've never been happy with Velodyne's auto eq function, so I don't use it, and either does Gene (who also has used Velodyne subs). On the other hand, in combination with REW or OmniMic, the SMS-1 can allow you to fine tune a sub to get smoother bass response at your listening seat. If you have more than one sub you really need an SMS-1 for each sub to get the best effect, but even one SMS-1 for two subs which don't have any PEQ capabilities might be a lot better than nothing. In my experience the solution is always separate EQ for each sub, but subs with built-in PEQ capability are usually expensive.
I've also never liked the effect from any software-driven single mic bass optimization system, but perhaps that's just me, and I've only heard about five systems using it over the past few years. (All ran the bass too hot, but the owners were happy, and there seemed to be a lot of emphasis below 40Hz.)
I recommend experimenting with the SMS-1 and REW before you get rid of it. I find a frequency response curve at the listening seat that's as flat as possible, with a linear slant of +3 to +6db at 20Hz and -3db to -6db at 10KHz to be most accurate sounding when using my self-made recordings.