or if you have an av receiver, you can connect your ps3, 360, etc. to the av receiver via hdmi connections. and the receiver's hdmi out to the tv.
or you can save space by connecting the 360 or the cable box to the tv via analog component video input so you can save an hdmi connection. the ps3 can playback blu ray so leave hdmi as it is...
i never try the splitter so i don't know, but vid said splitter sends it to multiple tvs...so maybe a switcher or a router would works. i agree with him monoprice.com sells pretty good products and cheap too.