Correct, the server will continue to run just fine, it's a monitoring tool nothing more, as long as you dont' pusch firmware or drivers you will not interrupt your services...
Once you configure WBEM you need to set subscriptions from SIM. SIm scans for changes but you will never get events from scans. Events are created when events are received. When you set subscription you tell your server where to send events to in case of errors like broken disks...