So... I bought one of these to try it out, since they were on sale for $35.
I can't get it to work. Tried it on a few different machines (X9, X10, and a Gigabyte board). The card itself shows up fine in lspci, and I can see it enumerated as several devices, as well as the fact that it blocked off the next four bus numbers which is what I'd expect. But drives do not show up, even with SFF-8643 -> U.2 adapters and directly attached drives. Rebooting, hotplugging, rescanning, toggling slot power, nothing works.
Some other posts on the internet reference an oprom where you're supposed to be able to configure it. I tried both legacy and UEFI, but no oprom. I've got a cheapo AliExpress switch on the way, hoping that works better. Maybe I just got a bad one, but I kind of figured that $35 for a PCIe switch card was too good to be true.