I bought this item thinking that it was the prior version (pre-slim) of the official Microsoft HDMI Cable, the one that came with an optical dongle. This seems to be the updated version for the xbox 360 slim consoles, which have the optical out already in the console, so the optical dongle is NOT included.
In other words, only an HDMI cable is included (as advertised), and you can find much better value HDMI cables. This is the main reason I'm giving it 4 stars, as the quality and ease of use match the level expected from an official Microsoft product.
If you're looking for the optical dongle, this item is not for you. Also, beware, as I found the official dongle very hard to find at a decent price, and most of the 3rd party optical dongles have incorrect wiring causing the console to reboot if you change to a different input in the TV with the console powered on.