Can you provide more information please? I don't get it: AFAIK, the Switcher is used to switch between various video inputs - which are part of the VT hardware, no? What does a software switcher that doesn't actually require the VT hardware actually do, i.e. what does it switch?
The readme seems to indicate you can compile a list of effects (to be used for switching, I guess) and save those settings - that's about it, unless you have a toaster?
Also: what license has the source code been released under? I downloaded the iso you offered a few days ago (thanks), but it doesn't contain any information regarding licensing.