Works perfectly as a switch and a splitter but you have to switch manually for both modes. Not a big deal if you have ready access to the unit but might be problematic if it's buried behind a bunch of equipment. For my needs, it's perfect. Only use it for 1080P at most, so not concerned with max bandwidth.
I purchased this switch, along with two short HDMI cables, because one of the HDMI ports on the back of my older receiver was shorting cables out. This product allows me to not have to spend way more money than I have. 20 bucks total, instead of the cost of a new receiver.