I went to Fry's today and saw the NEW System Selector Pro. It looks exactly the same as the original model (to me), BUT this one also uses a credit-card type remote control to wirelessly change inputs.
I guess they really did come out with a newer model. Thanks for the info. Maybe now the older models will have a better chance of going on clearance.
Just in case anyone wanted an inexpensive fix for a component switch, you can still use a normal manual composite switch to do the same thing if you only needed video. To hook up your component cable to a composite switch, just wire the Red cable to Red connector, Blue cable to Yellow connector and Green cable to White connector. As long as it's a good quality switch with good connectors and contacts, you are good to go (that's why the pelican non pro version is only $25).
If you only have two component sources you don't even need a switch, you can just use three RCA Y-adapter cables (five if you need audio also) like this one but not Monster brand, as long as neither of the sources send a signal while they are off.
I'm waiting on some component cables from Nintendo and I'm going to use a composite switch as a solution until I can find a nice component switch that changes digital audio also.