Hi Jerry
This device can create VLANs as the SG200 and you can review the administration guide and see the features supported:
http://www.cisco.com/c/dam/en/us/td/docs/switches/lan/csbss/slm2024/administration/guide/SLM_Admin_Guide_Publish.pdf
You can check it and see if it's missing anything that you need from your current SG200 otherwise you can use it with no problems.
Here also the quick start guide for your reference:
http://www.cisco.com/c/dam/en/us/td/docs/switches/lan/csbss/slm2024/quick_start/guide/SLM_QSG_Booklet_Publish.pdf
cheers
- Gerald