Game Capture HD, a simple and stylish solution for recording and sharing PlayStation or Xbox gameplay using a Mac or PC. With Elgato Game Capture HD, gameplay videos are easier to record, edit and share than ever before thanks to its innovative hardware design, powerful H.264 encoder, and software that is specifically tailored to gamers needs.
The product sounds similar to the ubiquitous HDPVR from Hauppauge. The encoder essentially takes a video source from HDMI or component video, utilizes hardware compression, and then streams the compressed video via USB for capture. Copyright protections via HDCP generally make HDMI a bit of a headache, but if you can get an analog component signal out of a device, you should be golden.
Mac users may be particularly keen on this as last checked the Hauppauge doesn't have official Mac support, although the third-party HDPVRCapture utility works great.
Similar to the HDPVR, the device should pass the video through to be viewed unaltered on a display. This is important for game play as it introduces minimal lag. The encoder accepts 480p, 576p, 720p, and 1080i signals, and requires a Mac running OS X 10.7 with a dual-core CPU.
The Game Capture HD is expected to ship in June for $200.