A polarization switch provides substantially ideal binary polarization switching over a broad range of wavelengths using a polarization modulation wheel having at least one retarder stack that transforms polarization. Using the polarization modulation wheel in a polarization system provides a high throughput polarization switch and operates over a wide range of incidence angles while providing substantially continuous and smooth polarization output for each component for any selected polarization basis set. The polarization modulation wheel is well-suited for stereoscopic polarized projection applications.