Just got this today. I am using it for audio only, so I won't comment on video capabilities of this item. I've got a sound system with just one auxillary input and wanted to be able to run several devices through it. I have connected a DVD player, a PS3, cable TV and a PC.
The selected channel is clear and I've tried sound on them all at once and found no contamination from other channels.
I haven't noticed any loss of sound quality through the device - I'll edit this later if poor sound quality comes up with more use.
Overall, this does the job I want it to do, and is very much cheaper than some of the alternatives out there.