Yep
The NG814 works great outta the box and handle PPPoA or PPPoE, do NAT, SPI, URL filtering, etc
Just setup your second NIC in the SME (gateway/firewall) to a static IP in the same range as the private port IP address in the Netgear. Using it this way with SME running a firewall as well means you have two layers of protection - it can't hurt but is prob overkill for home.
One caveat is that I have heard a lot of people have probs with VPN's using these rigs.
HTH