I dunno exactly what inside....but it'd have to be cheap considering the low RRP.
You could build one relatively easily using some ICS: a couple of analog switches (4053) - one for each signal - ie. 3 for video + left + right, a video detector (LM1881), a counter (4020, 4024 ,something like that), a slow clock source ~2Hz (555 timer) and a video buffer (discrete components or a fast op-amp).
I can give you more info if you like but it would probably be cheaper/easier to buy another model auto-switchbox that is available.