First time PS3 user: Doubt with sound

[paulonone]

So my sister gave me a PS3 Slim 120gb for Christmas and until now i have it plugged in via HDMI to my Asus VH242H.
As i expected, the sound it's poor, those 2 buit in little speakers are not good enough for me.
I've been searching google and already know that i can use a 2.1 sound system, a 5.1 with digital in, like the Logitech Z-5500 or go crazy and buy a receiver+speakers.
Well, i don't want to spend so much money (saving it for Fermi), so i've found this product, from Sharkoon:

Sharkoon X-Tatic Sound Control Unit

Features:
• Supports Dolby® Digital 2.0, Dolby® Digital 5.1 and Dolby® Pro Logic®
• Supports the chat function of PS2®, PS3®, Xbox and Xbox® 360
• Dynamic Range Control

Specifications:
• Digital optical input (S/PDIF)
• 2 analogue audio outputs for the X-Tatic headset
• 3 analogue 3.5 mm audio outputs (front, rear, center / subwoofer)
• 1 microphone connector for PS3® (USB A -> USB B)
• 1 power connector
• Dimensions: 15 x 122 x 56 mm (H x L x W)
• Weight: 110 g

Compatibility:
• Xbox® / Xbox® 360: optical input
• PS2® / PS3®: optical input / USB microphone connection
• PC / MAC: optical input / USB microphone input
• DVD / other sources: optical input

Package content:
• X-Tatic Sound Control Unit
• USB microphone cable for PS3 and PC
• Power adapter
• Microphone connection cable for Xbox 360 (2.5 mm jack > 2.5 mm jack)
• Optical connection cable (S/PDIF)
• Manual (8 languages)

http://www.sharkoon.com/html/produkt...x_en.html?id=3

It only costs about €65, and apparently, if i'm not mistaken, i can plug it in to the PS3 through the supplied optical cable, and use the 3 3.5mm colored jacks to plug in my current set of Creative 5.1 speakers.
Am i right or is something missing here?