I just got one of these. Actually I tried and compared the Elgato Video Capture, Elgato EyeTV 250 Plus, Black Magic Video Recorder, and Canopus ADVC110. After a day of playing, I am going to use the Elgato Video Capture to convert my hundred or so VHS and VHS-C tapes. I am directing them to a NAS and will use a jailbroken Apple TV 2 and Firecore aTV Flash Media Player to play them back.
Everyone raves about the Canopus which I've had for a couple of years but never really used it for much. If you use that, the video comes in as DV and you then use iMovie to convert and encode your video. It takes WAY longer to do it this way, and what you end up with in my opinion is not as good of quality. If I knew what I was doing, its probably possible to filter and edit the video to get it looking good, but for the number of tapes I have to convert there is no way I'll spend the time doing that. Maybe I'll go back after they are done and take a few to try that on.
The Black Magic and Elgato are very similar devices. The Elgato converted video is a bit softer than the output from the Black Magic, but with the poor quality of the videos this actually makes it look a little better to me in some cases... particularly the edges that get jagged from uprezing. The other problem I had was the Black Magic was not playing back correctly on the aTV2. It was creating a green frame below the image and the image was half the size it should be.
I had been using in the past the EyeTV 250 Plus, and then exporting them to aTV format in h.264, but this adds about 50% to the time. The Video Capture does it all in one step.
The only downside is you have very little control over the process. Your output choice is h.264 or mpeg4. The mpeg4 produces a larger file, so I'm sticking with that. You can control the name and location of the file being saved, and you have a nice tool to trim the beginning and end of the video. You don't have any ability to add meta data and you can't add chapter markers... both are available to be done in EyeTV. You can solve the metadata problem with another app called MetaX. I have stopped bothering with chapter markers because the aTV interface is so quick to fast forward.... particularly on the 30 minute vhs-c tapes.
Overall, I'm happy with the Elgato. I'm sure that it would be possible to get a little bit better quality with something like the Canopus, but the time to get that marginal improvement would be substantial and I'd rather have them converted so we can enjoy them than to have more years go buy that I don't want to mess with it due to the time and complexity.