The description is missing a couple of advantageous aspects of the SRP protocol that might be worth including.
* Mutual authentication of the client and server, both can detect when the other does not know the password (poor-man's certificates)
* Zero-knowledge password protocol (wire-snooping gains the attacker nothing)
* It's almost as easy to use as PLAIN but with TLS-quality authentication (reference RFC 5054)

Additionally, I found your use of the word "key" here a little confusing. The server stores a "verifier" but it's more akin to a salted-hash of a password than it is to a PKI key... which is what the use of "key" in this context makes me think of. It's not an incorrect description but it took a bit of thinking to figure out what you meant.