I've just setup my 350 using my Sky+HD box.
I've and HDMI splitter going into an HDMI->Component (YPbPr) converter (Portta PETHR HDMI to YPbPr Component RGB Video convertitore 1080i - Not for Windows 10 https://www.amazon.co.uk/dp/B00A8FIQXA/ref=cm_sw_r_cp_awd_-N6ixbE80MG4C) and then into Slingbox.
I'm using the supplied phono cables for audio.
The web player and the IOS both play audio fine, but the picture is scrambled (screenshot: https://www.dropbox.com/s/ro6vd92epvkqsuf/Slingbox.png?dl=0).
I've unplugged the component cables out of the Slingbox and into a TV and can confirm the picture is perfect so no fault with the HDMI splitter or the HDMI->Component converter.
Does this mean my Slingbox is faulty?