Would the WPMU Multisite Privacy plugin be appropriate for a membership-based site?

I'm considering the WPMU Multisite Privacy plugin. I'm thinking of creating a site where I'm the superadmin, but folks can register to post content, comments, and so forth. They won't have access to any other WP features, though.

This is only for ONE site on my existing blog network, so it's more like people are registering as authors for the one site, rather than creating their own sites via Multisite. Would this plugin be appropriate, or does WP do this well enough on its own (as far as controlling who can sign up and what privileges they have)?