Works like an SR Flip Flop. However if you use a SPDT switch as an input, then you really need a pull-down resistor from each input terminal. This prevents An illegal condition of both outputs operating at the same time. This works well as a switch clean-up circuit when you don't want the expense and aggravation of installing another chip and you have two or three gates that are spare in your design.
You can also do the same thing using inverters, just tie the output of one to the input of the other..... in this case pull-ups should be used.
