Of course it supports analog modulation, it's even 12 bit! (As opposed to 8 bit on the FB3).
No software comes with the etherdream, but it will work with LSX and spaghetti.
In my opinion, Spaghetti is a good program, but maybe a bit limited in functionability. Gary/JohnYayas is developing version 3.0 and I'm curious what new features it will have. Not a bad price and easy to figure out.
Define "easy to use"... I wouldn't call LSX easy to use, but once you get past the learning curve there are wonderful things to discover. I just made a clock that shows the time while the frame is composed of a stunning abstract. Also, I'm creating a
video tutorial series about the program, check them out to get an idea about how it works, and see for yourself if it is easy enough to use.
LSX basic is bundled with an etherdream and LaserCam in
this ebay auction (a little bit cheaper than buying the components separately).
As you can tell I'm a fan of LSX... take this post for what it's worth.