Here's how I tested mine:
With the switches located in the upper left corner, set both to the right position (I'm pretty sure this puts it in Operate mode with termination on). I flashed the PIC with the latest firmware from the Wiki. Not sure if the PIC came programmed but it doesn't hurt to reflash it. Applied power from the transformer. Hooked up my Lynx DMX Dongle (make sure it doesn't have pixelnet firmware loaded) and connected the CAT5 cable from the dongle to one of the RJ45 jacks on the Aether (doesn't matter which one). Ran the Lynx DMX Deck program (available in Wiki). Set the first 4 channels of the deck to channels 1 through 4. Raised the faders in the program and was able to control the RGBW channels independently.
DON'T stare at the LED. It's VERY bright.
-Mike