It works pretty well, and does give you keypad functionality.
Make sure you get the second generation keypad, as the first generation does not work with smart things.
On the lowes site, reviews tend to be very low because people hated that Lowes forced them to change to the new model. And it originally cost $49, which was too high, I think. But looked at just on its own, it seems to be a decent device, and now they’ve brought the price down under $20.
If you just want an indicator light, a community member has posted a project report on how he created a battery operated LED as an indicator light for his security system. You could choose any color plastic box you wanted. The same thread also discusses some other indicator light options.