This is the Hauppauge HD PVR in Action. I first show how it runs while hooked up to my Laptop, then I show how the whole system is hooked up together, and finally show a sample video capture in all it's glory.
Questions? Click here: http://www.zeitgeistgamereview.com/how-to-record-video-games/
The captured video is from the opening cinematic from Star Ocean: The Last Hope for the Xbox 360, captured in 1080i.
On the Mac, I am running EyeTV 3.1 to do the video capturing. It captures in native mp4, so you don't have to do any conversion.