At first I was a bit annoyed because when I had it hooked up with my Apple Tv... the Apple Tv was video flashing on and off at the projector. I found out later it was because I was using too long of a VGA cable (50ft). Then I switch to a shorter cable (25ft) and the silly problem went away. Sorry it has been a great solution for not having a HDMI ready projector. I just use the optical out on the Apple Tv so I don't know how well the Audio Support works.
This product converts HDMI to VGA and supports 1080p resolution and HDCP and you can use it even with PC, PS3 or BluRay. It decrypts HDCP, so now you can even make copies of your iTunes movies or BluRay movies with VGA crabber and share them with your friends for free.
Thank you Apple!
The only downside of the product is that it takes its power from the HDMI pin18 (5VDC) that is not meant to power external devices, because it (by standard) can only provide 50mA current. I would think that this kind of conversion and decryption requires more power. I think this the reason why this product doesn't work with all devices that comply with the standard and only provide 50mA current.