The AV output does work, but:
1. It only activates if you power up the box with AV connected and HDMI not connected.
2. It is set by factory default to PAL video mode, so unless you have a PAL-compatible TV (50 Hz), you will get a b&w picture rolling too rapidly to see.
To set it to NTSC video mode you need to navigate blind to the Setup - Display screen and change the first field from the 576 lines option (PAL) to the 480 lines option (NTSC), without being able to see what you're doing.
From the Home screen it's: right, right, ok, right, ok, down, ok.
Incidentally the SPDIF coax digital audio output is also disabled when you have HDMI connected, as HDMI digital audio output automatically takes precedence.