Yes - as you say, it is unlimited riding for 7 consecutive days. However, you cannot use the Nozomi or Mizuho bullet trains with it. You must use one of the other bullet trains, like Hikari or Sakura.
Going from Tokyo to Hiroshima/Miyajima and back within 7 days would give you some very good savings.
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Going from Tokyo to Hiroshima/Miyajima and back within 7 days would give you some very good savings.