This works well as a product. Unfortunately, 
1. the MIDI manual was not very clear on the BluGuitar manual (I was using a TC Electronic Nova System at the time). After a lot of Googling, I found this:  works perfectly, but I just wish this information was in the manual or bundled with the cable itself. 
 
and 
2. It's quite expensive for just a little cable! 
 
Otherwise, works flawlessly.