I would highly doubt that it does any conversion. I haven't really seen anything that does the conversion process without a separate box. I doubt this will either. It wouldn't really buy you anything anyway since the signal degradation while fairly slight would still exist in the conversion process not to mention that s-video doesn't transmit as clear a signal well as component anyway. I can see that you may not have the inputs on your display to run component and s-video or easily switch between them. Without a separate switch box
(expensive) I don't see a way around it.

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Stott