Just so you guys know, the UA5 doesn't work as a digital format convertor, you'll need a CO2 or GreyBox for that...
(the UA5 is 4 out of the 5 esentials: Phantom, Pre, A>D, Portable... Missing Dig Format Conv.)
So no DigiCoaxIn>UA5>OpticalOut...
This means either you get no patch from a DAT chain (or get moved to back) or you have to convince them to patch out of you (out of the DigiCoaxOut while you use the OptOut). Both the DigiCoax and Opt run hot on the UA5 at the same time.
The digital switch you see above is to determine which INPUT (DigiCoax or Opt) you want to use if you are using a Digi In.
I think this is where the Non-Bit-Accurate blahblahblah starts to come in...
There are also some bad reviews on the Midiman CO2s performance (as a Digital Format Convertor). Hosa makes one (the ODL) as well as a bunch of other manufacturers...
However, a gadget like the CO2 will allow you to pass a DigiCoax signal while splitting off an Optical signal for yourself. Theortically, by using this, you can fit anywhere along a DAT chain.
Good luck,
Terry