DonM, yes it will work similar to the Yamaha softsynth.
Wazza, you are right in that the Edirol HQ Sound Canvas needs a DX or VST host, e.g., Brainspawn, Console, Cubase or Sonar (if you already have these programs), etc. In addition, you have to attach your media player to the Host. You can do this using a number of alternatives, e.g., Midi Yoke (free), Ntonyx Matrix, MidiOverLan, Hubi Cables, etc. I often use Midi Yoke with good success. I believe the person who developed this software works for Cakewalk.
Finally, to satisfy yourself that everything works as it should you can download a demo of Edirol HQ Softsynth and test it before you lay down your hard earned cash. I have tested it and it works well on both of my regular computers with Windows XP.