not really. i just leveled a 12 x 12 room (concrete floor) so that i could lay ceramic tile...which is less forgiving than wood flooring.
ARDEX makes a good product, but rather expensive, which is what i used.
what i would use in your case is a vinyl based cement. it runs about $11 per bag and if you mix it thin, it'll smooth out real nice and it will adhere to the existing cement. but, to be on the safe side, they have some stuff that you paint over the old cement first to adhere new cement to it...it works great. it's a milky white in color. both can be bought at home depot.
i've used that vinyl cement in a garage to level a small area from thin to 1/2" thick. the stuff is still there and no cracks. it's some real tough solid mix cement and the vinyl re-enforcement makes it strong.
there are other leveling compounds out there, i just made a suggestion. if you can get the level you want with plywood, go for it. i'm not crazy about gluing plywood to cement.
using a leveling compound, you can ensure that the floors will be level with each other just by using a long board to screed it.
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