Cheap, in some places it even FEELS cheap, but does the work perfectly. With this I can plug in two guitars the same time to two amps (actually, an amp and my Rocksmith cable :D).
I have only one complaint: there is no power connector. It is not a big deal, as this thing is totally passive and works without power, but if you want the LED indicator to light up, you have to connect a 9V battery.