There's nothing wrong with the product ... if people were smart enough to figure out HOW to use it.
If you want to use this on a console (PS3/XBOX360/Wii) without anything else, IT WILL NOT WORK. If you use RCA cables, the signal coming out of the console is Analog. DVI/HDMI etc. are DIGITAL signals. Therefore, you need something between your console and your TV/Monitor to change the signal to DIGITAL. Note that if you do this, some data IS LOST.
It's like trying to use a toothpick to hang up a painting and being pissed off at it because it wont hold ....