DV Camera is a better Digital Bridge
About 25 days ago I bought a Dazzle DV-Bridge at Fry's for exactly this same purpose... copying all my old kid videos to something permanent before they go to analog heaven (the taped signals, not the kids).
To my great disappointment, the Dazzle DV-bridge is unreliable. It did work beautifully when it worked, but "flawlessly" is necessary when you've got old tapes that you need to just "play to hard drive". The Bridge constantly and aggravatingly would just stop sending the video signal to my computer.
I finally borrowed a friend's Sony DV-27 (or something with a 27 in it) digital camera. It has firewire in/out and an AV in/out for analog. you can use the same 1/8" AV input for all three signals (Video, and Right and Left audio) in or out... the camera "knows" which way you're going.)
When you switch the camera to VCR mode and remove any tape in the camera, then turn on the menu and find the option that is something like "Pass A/V to DV out" or something like that (I am SO sorry I can't remember the actual words, but you'll find it), then when the AV 1/8" cable is plugged into the port, and the Firewire cable is connected to your Mac, any signal coming into the camera from, say, your VCR or old-school VHS full-size Camcorder simply shows up in iMovie, which switches to camera mode automatically upon receiving the signal. At your whim, you can ht the space bar or click "Import" to record segments or everything to your hard drive -- even rewind or ff when playing! No matter how bad your old VHS tape is, it will be converted on the fly to digital on your hard drive. (Alternately, you can have a tape in and record it to the DV camera tape for later dumping to the hard drive in total or in segments, but it doesn't pass the signal through while recording to tape).
As the VCR tape plays to the hard drive, iMovie3 will break it into 10 minute segements and place them on the clips panel, or the timeline/movie panel (prefs in iMovie). 9:28:01 to be exact.
You can then edit them (taking out overly long shots, etc) and make nicer transitions, add a bed of music to tie it together, and do nice fade-ins and outs, and titles! And then you can put a tape in and dump your new creation, sound and all, back to DV tape straight from the Mac's iMovie controls.
Better: When you're done editing in iMovie, close it and open iDVD3 (worth the $50 price of iLife simply for the following reason): iDVD3 recognizes iMovie's resulting .mov file and prepares it for DVD burning following all the sound edits, volume adjustments and tranistions, etc., without having to Export to DV Stream first!
In short, with a $400 - $600 camera as the bridge, you can play a VHS tape directly to your Mac (with firewire), edit it if you choose, and burn it to iDVD3 immediately after any editing, preserving it forever in a non-degrading digital form.
I will take back my $200 bridge and instead buy a camera which does the same thing much better, and has the added benefit of BEING A GREAT CAMERA!
BTW, using the VCR as a tuner, I can record anything the VCR is tuned to, as well. Since I have cable, I get very good, clean signals, and can record 60 minute shows, easily on my 120 GB hard drive. Edit the commercials out, and (Export to DV to create a audio adjusted full DV, /mov file) and you can burn decent VCD's with Roxio Toast (with a CD-bruner, not necessarily a DVD burner. I'd much rather have a shelf of 20 CDs than a shelf of 20 VHS tapes. And CD-COPY makes it a breeze to make copies for relatives and friends. With discs being about a dime (in quantity) you afford to make archival copies for yourself, too.
DVD copies are better, by far, and you can make cool menus and stuff, and this can be done with the right equipment.
How much are your memories worth?