I would step up to the PCIIIusb. The r gets very little support from DynoJet, unless you call them on the phone-then their tech support is great.
There's quite a bit of complexity to loading maps on the r, due to the outdated cables and newer computer platforms that were using now-but weren't in existence when the r came out.
Once you get the map loaded, the r still works very well on the bike. I love mine. But will definitely update when it gives out.
My r, was intended for 2002-up. So yes, it'll work on the SP1 or SP2- you just need the appropriate map. As I recall, LDH has some Kyle maps for the r on his mods page.