[quote name='Kfoster1979']Most of the ones out now only switch audio not Video, and they don't support "hd" audio formats yet.[/QUOTE]
Are we talking about A/V receivers? Because I've never seen one just switch only audio with HDMI. Actually most of the ones on AV receivers are a passthrough, they switch the audio and video signal between (usually) two inputs. The major downside is many of the cheaper ones don't process the audio at all (hence passthrough), making it kind of useless for surround sound. Also to find a decent receiver with HDMI capabilities you're easily going to top $500-600 dollars, and KFoster is right that almost zero of the support TrueHD audio (though unless you are a big audiophile chances are you won't care).
Bottomline OP, stick with the Monoprice switcher, it's fantastic. I was even able to program the remote signals into my learning remote (that'll vary depending on remotes you use).