Yeah... upon further testing, it appears there is no audio/video processing on the outputs; its pure passthrough. Which is nice if you are trying to play off the stream setup; but bad if you want to do anything else.
The Blackmagic Intensity pro had the options for processing on the outputs; this one does not. For instance, with the blackmagic, I can input an HD source, and output an SD source; or vice versa. I can input the audio from HDMI, and then output the audio through phono. This card can't do any of that.
However, it can do audio/video processing through the stream output. I can input a 1080@60fps source and output to OBS at 720@60fps (rather than 1080@30fps that every other card does by default).
This means I have to extract the audio from the source earlier in the chain. Which sucks.