So I got a Hanzo (infuriatingly I ordered just days before the Toro was announced), took ages to arrive, and it didn't work.
I got no picture and only static through the sound channels.
I thought it might have been my Dreamcast (it was also showing no video, but did have correct audio through composite) so I bought another one off ebay, it arrived this week and I tried it, but the same thing.
The VGA input on my TV is fine too, as other VGA sources work.
And I have an inkling the Hanzo actually killed the DAC in the first dreamcast by shorting it somehow. It worked fine before, but the static through the audio sounds a lot like DC current.
Luckily the new DC hasn't been killed by it, still works through composite.
I've emailed the guy, will see what happens.