This works well, even out to NTSC but be aware, it does NOT letter box. It will squish the image to 4:3 anamorphic so if you run a 4:3 projector or screen MAKE SURE it has a wide or 16:9 option. The projectors we used this with did indeed have a Wide option which then squished the image vertically, letterboxing it on the screens and showing it in the proper ratio.
No complaints with this. Handles 720 and 1080 signal (that was sent from a Blackmagic DVI Extender) just fine. Its not a small box so if you're planning on mounting this near a projector or anything, just be prepared for that.
We're using this converter box to convert our HD-SDI signal from our mixer to multiple outputs simultaneously. A VGA projector (where we can choose between different resolutions), a dvr through the RCA/composite connection and we still have an open HDMI for future use.
Works wonderfully and the blue lights that come up after it's connected and on are pretty cool.