Yes you can two-step and shampoo with it Post-HWE, it is guaranteed to keep the carpet looking clean longer.
Or you can shampoo/encap with it.
Or you can bonnet clean/OP with it.
Or you can just Pre-spray with it and steam it out.
Or you can make a killer spotter with it.
Get the low foam if you want a universal product, get the high foam if you are going do any encap or bonnet/pad cleanign with it.
And yes it works equally well on upholstery.
O2 is cheaper ounce for ounce, so if just need a HWE product, get the O2 instead.