I have been using this item for over a week, and on the whole I'm very satisfied with it. It is currently being used to show the output from a PlayStation 2 on my LCD monitor; the picture quality is good (given the relatively low output quality of a PS2, the device does a very good job of scaling the image up to the resolution needed for a monitor), and all the games I have tried have displayed fine 'out of the box'.
Some information about how to set it up for a PS2 (the only console I have tried with it): when connecting your PS2 for the first time, you will probably need to have a composite video cable (a yellow video connector, and red and white audio connectors). Plug the composite cable into your PS2 and its three phono jacks into the video and audio connectors on the front of the device. Next plug your monitor into the VGA out connector on the back, plug the 15 pin end of included VGA to 8pin cable into the VGA out of your computer and the 8 pin end into the VGA in socket on the back of the device. How you hook up the audio depends on your system - I just took the line out from the back of the device and fed it into the line in of my computer's sound card. When the device is off, you will see your normal computer display, turn on your PS2 and then the device (by briefly pressing the Menu/power button on the side) and it will replace your computer display with the output from the PS2. You may need to press the "Input" button on the side of the device a couple of times until it shows the PS2's output, and use the "Res" buttons to obtain a resolution that works well for your display. When the device is on, pressing the "Menu" button briefly will bring up an on-screen menu from which you may adjust the picture and other settings, holding down the Menu button for a couple of seconds and then releasing it will turn the device off and restore your computer display.
If you have a component cable (five connectors: red, green, blue, and red and white audio) for your PS2, you can use that for a (slight, in my experience) increase in picture quality: first ensure that your PS2's Component Video Out is set to "Y Cb/Pb Cr/Pr" via the System Configuration, connect the component cable to the PS2 and use the supplied YPbPr/S-Video adapter cable to connect the red, green, and blue component cables to the AUX input on the front of the device, plug the red and white audio cables into the audio connectors on the front, and, when the device is on, use the "Input" button to select the YPbPr input mode.
It's pretty much as simple as that. There's no need to perform any kind of trickery to get games to display in a specific resolution like there is with some similar devices - I could just drop in any PS2 game and have it display fine.
Pros:
* Relatively easy to set up (although better documentation would not go amiss!)
* Easy to use, no need for games to support specific HD resolutions, it works out of the box with the PS2's native display resolution.
* Good upscaling quality, even to a large display.
* Good range of display settings and supported output resolutions.
Cons:
* the "manual" (a folded A4 sheet, printed both sides) is pretty much a waste of dead trees, gives little helpful information on setting up or using the device, and is either a poor translation or badly in need of editing.
* the external build quality is vaguely questionable: the connectors have some movement to them while inserting or removing cables, and the control buttons (while having good positive feedback to them) feel somewhat flimsy.
* the included DB15 VGA to 8pin cable is quite thin, has little shielding, and does not have a ferrite bead on either end, so you may get some interference on your computer display in some situations.