First and foremost, this is a high quality instrument cable, well built, with good sound (as near as I can tell), and it carries a lifetime guarantee.  You aren't sacrificing any quality or durability (remember the guarantee) to get the switch.  The switch itself functions perfectly.  There is only a switch on the instrument end of the cable (of course).  It sticks out further when in the off position, so you can tell by feel if it's on or off.  My experience so far is that it is completely noiseless to turn it on and off.