The following review written by one of the Software Informer contributors applies to version 1.1
Display Maestro is an easy-to-use Mac application that allows you to modify the resolutions of all the displays that are connected to your system. This tool can come in handy, especially if you are using multiple monitors and you want quickly set any desired resolution even though the OS doesn't think it is safe.
A great feature that Display Maestro provides you with is the fact that, besides allowing to set any desired resolution, it lets you select its bit-depth. You can even choose the 256-color bit depth mode (in addition to the "Thousands of color" and "Millions of colors" modes) which can prove to be quite useful when trying to play old games, for example.
Accessing Display Maestro is very easy and all you have to do is to click on the icon from your Menu Bar. Once you have done that, simply select the desired display, its resolution and bit depth.
However, if by some chance, the only type of bit-depth that Display Maestro will display is the "Millions of colors" due to the "Automatic graphic switching" feature, then you might want to disable it from the Energy Saver preferences.
Finally, if you are looking for an easy-to-use Mac utility that can help you set any desired resolutions (including selectable bit depths) for any connected display, then Display Maestro is a good choice.