I have an update to my experience with this device.
My VIP722 is located in my basement theater and connected by HDMI to a projector. I have a second set upstairs that I connect via component and analog stereo cables. This worked well up till now.
I added a 32" Panasonic to the theater so I could do casual viewing there without firing up the projector and putting hours on the lamp. The Pany is also connected by HDMI using the splitter described previously. I connected the splitter's input to the 722's HDMI output, then had one HDMI output go to the pany and the other output go to my Denon AV Receiver. The output of the Denon went to the projector. This configuration allowed me to run the pany with the AV receiver off if I chose.
This too seemed to work fine until I paid a bit more attention. Watching the premier of Lost I noticed the sound didn't seem right. A quick peek at the Denon AV receiver showed it was only getting two channel stereo audio from the HDMI port. I had lost my 5.1 surround since adding the splitter. Removing the splitter restored 5.1 audio.
So I reconnected the splitter's input to the HDMI output of the Denon AV receiver and ran the outputs to the TV and projector. That restored my 5.1 surround, but since then, the component video and analog audio to the TV upstairs are out of synch by a second or more. Very annoying.
Apparently in my first configuration the 722 was defaulting to two channel stereo to match the pany TV. In the second configuration, I'm guessing the component video and analog audio are getting out of synch when my Denon AV Receiver is turned off. That is, the HDMI configuration is effecting the analog signals.
I'm still working on finding a proper solution to all of this.