Save your money and buy a mid-range receiver. The newer ones are pretty good and they cost about twice as much as that switch. I'm looking at buying a
Sony STR-DE998, since it's got component up-conversion (it'll take your component, s-video and composite connections and output them all through one component output). You should be able to pick one up for around $350.
The DE998 only has two component inputs, but then my current receiver doesn't even have s-video

Edit: Scratch that Sony. The
Denon 1705 has more component inputs, is cheaper and the reviews sound great