I use it for playing Xbox (component) and Gamecube (S-Video) on my CRT monitor (Samsung 955DF 19"). It looks awesome IMO, but it takes some fine tuning with adjustments to get it to look right. I also use it because of the standard 1/8th stero jack which I use with my headphones (Grado SR225).
I find it extremely useful for what I want to do. There are problems like cable clutter and sometimes the interface can be confusing, but after enough time with it you don't really care. It takes up very little space and the remote works great most of the time. I consider it more of an enthusiast toy because it is a bit expensive, but overall I think it was worth my money. Xbox in HD is a beautiful thing. I got mine for $170 shipped overnight to my door and I very rarely disconnect anything from it unless I have to. Just remember, there will be cable clutter