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Question: how long is the optical fiber cable? Will this work with a panasonic DVD home system SA- PT753
Document: I had the doubt about if it could work becuase my TV Panasonic have their audio digital output with not straight PCM because it only use Dolby Digital in the audio output. I take the risk and now I am happy using my analog Wireless Seinheisser Headphones. You plug it and begin to hear the audio. It come with their own not so hight quality optic cable, so I think it dont deserve the aditional optical cable buy. But if you want a better quality and longer optic cable buy appart.
I tried another converter (SANOXY AGPtek Digital Optical Coax to Analog RCA Audio Converter Adapter) to connect ny headphones to my TV, it didn't work.Tried this Digital to Analog Audio Decoder Converter - Transfer the DTS/AC-3 Digital Signal and Stereo(R/L) Audio Signal into 5.1 Analog Output.It works perfectly.Sound is clear, lots of options, all you need to buy with it is the Digital Optical Audio Toslink Cable, then you're all set.Recommended!! !
I have a Home Theater PC and a DishNetwork HD Receiver both feeding video to my Theater's projector. However, for the sound, I had the Optical out from the DishNetwork HD Receiver into the "OPTICAL INPUT" of my SoundBlaster SoundCard which then decoded DTS/DD on the fly and passed the audio to my analog speaker system.
Unit works great;  best converter available;  however this little known device could be improved. (that's why 3 stars)I'm surprised more people have not tried to convert optical to computer analogue. the "speaker quality vs price" is FAR beyond what you get with sound bars and powered speakers in home theater. I know; I had all 3 !! short of looking for a 5.1 system that accepts optical, nothing comes close.
Since the majority of my watching comes from DVD/Blu-Ray from the PC I needed a cheap and effective solution for getting audio to my analog 7.1 speaker system from the DishNetwork HD Receiver for watching TV. Enter this little Gem...It takes optical 5.1 or 2 channel audio and splits it up. For watching TV, the sound is perfectly acceptable.
Now I plug the TV into this box with a coax cable and I plug my PS3 in with the toslink (digital optical) and I'm getting awesome surround sound on cheap speakers!Perfect cheap solution to using PC speakers with true surround sound.
I have virtually no complaints about the product its-self. If you are trying to get PC Speakers hooked up to your TV as I have the SRS Klipch PC Speakers they no longer make and they sound awesome.But beware of the included cable its cheap and will break, plan on buying a new well rated optical cable for this unit.
Also, I purchased my own toslink cable from amazon (AmazonBasics Digital Optical Audio Toslink Cable, 6 Feet) http://www.amazon.com/gp/product/B001TH7GSW/ref=cm_cr_ryp_prd_ttl_sol_1This converter does include this cable but it really is cheap.
It does decode properly and it does not simulate surround sound. I am using a computer with Creative SoundBlaster Z and a computer with the Realtek sound with Dolby Digital Live! via optical cable and it sounds great! On the Xbox the sound is awesome. My only gripe is that the led's  are super bright, but I will correct that at a later time. It does what it says and it does it well.
This item could not have been more ideal for my setup. My new tv only has optical out, and this thing converts it right to 3.5 mm surround sound plugs, just what my speakers use! It even has an aux input so I can have my pc hooked up at the same time. I have not tried coax but mine decodes Xbox 360 (via hdmi) and cable tv into actual 5.1 surround sound with minimal background noise.
Answer: 3 ft. long.  Optical in but no optical out, so not sure if it will connect to the PT753 and give you 5.1 sound.  I'm outputting from an Apple 27" IMac to a Logitech 5.1 "PC" speaker system and get great 5.1 sound.  Mine hook-up is Optical out from IMac to Optical In on the Digital to Analog converter, then a 3 RCA plug output from the D to A into a 3 RCA input on the Logitech system.  Hope this helps