Aimed at X-box users, It's not just a remote controlled TOSLINK switch; as well as having an X-box input, it also switches four sets of svideo, composite video, RGB video, TOSLINK, and analogue sound, and incorporates an ethernet hub. This is a discontinued model because it doesn't handle HDMI (also I suspect that the company may be out of business, since their web site appears to be down), and is VERY cheap if you can find one - CEX, Britain's biggest chain of second-hand game stores, were last selling them at £8, about $12.
It's cheap enough that I've bought it to play with it - if it turns out to be rubbish I should be able to sell it on easily enough. I'll post again when I've had a chance to try it, should be some time next week.
update - This arrived faster than expected - so far I've only tried it as a remote control TOSLINK switch but that seems to work very well, I have no reason to think that the other parts will give problems.