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Question: Do the audio out jacks work?  Can I put optical + DVI in and get HDMI (video + audio) and also optical audio out?  That would be swell.
Document: Primary bought this to work with my PS3 to strip the HDCP copyright protection. So you will need a HDMI to DVI for video and optical audio (TOSlink) cable for sound from the PS3. It worked perfectly and I was able to record my gameplay in 1080p resolution. There are lights to indicate if there is input and output from the box.
Works as promised. I needed a solution to combine DVI video with Optical audio to output as a single HDMI single to some equipment. This fills the bill. Works great, no setup no problems.
This device works as advertised and I have had no problems with it. Setup is simple:  DVI + Coax or Toslink In, -&#62; HDMI out. The receiver sees your HDMI video and whatever audio signal you put into the Coax or Toslink input. (Stereo PCM, Dolby Digital, or DTS).In my case, I am using this to combine a DVI and coax output from my computer. The HDMI output is transmitted using a wireless HDMI transmitter.
Be better if it included HDMI on the input side rather than me needing a separate cable to adapt HDMI  to DVI. (Even though I already had one most people would not. )I bought it to connect my DVD to optical output which it lacked but was the only choice for the audio system I picked up for half price.Side note. If you have a television like mine which lacks sufficient audio volume ths unit does amplify the audio channel through the HDMI output some.
When I received this product it worked like a champ and I was very pleased but after three days the Optical Out completely stopped functioning. So considering I can no longer output my audio I am very displeased with this product. If it had continued to work it would have been 4 or 5 stars. The only reason I have opted not to return it so far is I lay music over all of my recordings so I do not need the audio from my game play.
Works perfectly! Let's me record HDMI from ps3 using my HD PVR 2 Gaming Edition. And it also outputs audio using HDMI and S/PDIF optical so there is no need to change the settings if you were using optical on your home stereo.
I have only used this for 1 day, but so far it is exactly what I needed and expected. I am using it to connect from an old PC with an AGP graphics card and DVI output. I originally used an adapter from the VGA output to HDMI, but this would not scale the output to the TV properly. Some of the desktop was always sticking off each side at 1080 resolution. The VGA adapter also only integrated in the analog sound output.
I bought two of these at different times hoping to use it to record my PS4 gameplay for my channel on YouTube. The first one I bought would not allow the audio to go into the Elgato, so I contacted customer service and they said to return it. Bought a second one, same exact thing. Talked to several other YouTubers, some had the same problem so I decided to return it and go with an OREI HDMI Splitter. Will not work to record PS4 gameplay with Elgato.
Great device, does exactly what it needs to do and does it good. This device converts DVI (and audio, optical or coax) to HDMI (and audio, optical and coax) and NOT THE OTHER WAY AROUND! I use this to bypass the HDCP **** on my ps3's HDMI signal and I can confirm this box still gets rid of that crappy protection :)
Mixes DVI video and S/PDIF audio into a single HDMI out. Works perfectly and no drivers or software to worry about.
Answer: Yes.  This is exactly what I do with my set up.  Old mac mini (dvi+optical audio) to Monoprice box.  Then Monoprice hdmi out to the TV and optical (or analog) audio out to the stereo.  Note that it is unlikely that the HDMI audio and the optical or analog audio will be in sync (depending on the devices they connect to).