Is anyone doing this with great effect?Yes. I am using two relatively REL T5i subs with single driver speakers from Coherent or Omega in my SET amp rig. Works great IF you:
1. carefully match your gear
2. spend a little time to properly position and adjust the sub response.
Do you absolutely need two subs? No. But a pair will provide a more even and balanced bass response and make it easier to tune for "full range" listening where you can hear the lower notes but not the subwoofers themselves, as opposed to a bass effects-heavy presentation like you often hear in bad Home Theater setups.