You'll get away with that grinder just fine I reckon, though it is quite limited as far as steps go - "only" 40 suggests that there is a large step between steps (er.. if you get what I mean). This means small adjustments are going to be impossible, which if you are using a particularly tricky bean or just trying to perfect that shot will be really hard to do. I doubt this will be a problem with most blends.
Apart from that, it looks to be a sturdy conical burr grinder, so what you should get is a very consistent grind.
It's important to note that the grinder is the most important component of an espresso set up. To get a good flavour you must have a very fine, even (consistent) grind. If you don't it will be bitter, sour, bland, or all of the above.