Composite and S-video aren't HD, yet that's all their products offered. So no, they've never had HD. They just liked to act like they did.
You have been sleeping for a while haven't you. Ever heard of EyeTV Hybrid, EyeTV5 00, HDHomeRun. EyeTV500 came out 7 years ago. They had true HD 7 years ago. This box just allows them to convert from analog to digital in HD. It is kinda lame. I would rather have true digital HD instead of A to D. However, because of copyright protection, this is the only way Elgato could do it. Otherwise they will have to do it like the TivoHD people with Cablecards, etc. I can picture this. If the cable and satellite people decide to downconvert component to 480p and keep HD only for HDMI, then this product is screwed.
I have HDHomeRun and eyeTV software and very happy with them since I only do clear QAM and ATSC for HDTV.