If the only thing you have in your TV setup that wants to get on the internet is the Sat receiver, this would be fine I suppose. But @$60, it is one of the more expensive ways to do it.
For me, I needed to get the 722k, BluRay Player and HTPC on the wireless network, so a router/bridge setup made more sense. Being an avowed Apple fanboi, I got the Airport Extreme refurb ($129) which gives me 3 ethernet ports and bridges to my 5Ghz 802.11n wireless network. Simplest config I've ever had to do was a side benefit.