Just got the following reply back from Aeon Labs Support. They actually got back to me within an hour and it looks like everything should work just fine.
"Thank yo for youur inquiry. Yes, our repeater will work with Vera Lite or Vera3, its generally plug, add to network, and it will repeat your z-wave commands for you. Its a pretty simple gadget, and it should work with all available z-wave devices.
The repeating function is bi-directional, it acts as a amplifier for all z-wave signals within the network.
I have attached the instruction manual, it is pretty much everything I have said so far, but it goes more into details with our minimote and z-stick.