The Rocket is going to be awesome, but is VERY young right now. Yes, you need software that supports it that currently only a new RocketCine (RED Alert new) does. It is VERY new and immature software...lots of bugs and features that aren't on yet, but hopefully soon.
Give it a couple weeks and this product will hopefully be great. Right now, it doesn't do much that it's supposed to...yet. (They actually may have a new version out today...)