Let's be clear about one thing. The rewriting components are very very strong. If you're under the impression that setting these things up is straightforwad bear in mind that 7 years ago a handful of people were able to do what this script makes possible via your "install component screen". NEVER EVER install these components on anything other than a test site. Equally, installing a rewriting script does not guarantee IN ANY WAY higher search engine rankings any more.
I do not like this component.
It works badly with Joomfish and creates lots and lots of aliases to the same page. I would recommend sh303SEF over this component every time.