I am an owner of an eyetv hybrid. Elgato has has extreme difficulties keeping their link to the TV guide up and running correctly, with it being out for over a week on more than one occasion. The eyetv hybrid also has issues waking my mac mini from sleep to process recording events.
The recordings on the hybrid, when recorded, are quite nice. I have used it for both cable and for over the air digital tv. Very nice. The only limit to OTA is the OTA signal itself. Note that the hybrid is using a digital signal. With this new device, you are not using a digital source, so inherently, you are going from a digital source to an analog (component video) back to digital.
I just wish Elgato would get their act together and work out the kinks. If the TV Guide were working 100% of the time and it would wake from sleep reliably all of the time, I would rate the hybrid 5 of 5. Right now, with the issues, I rate it as barely usable and would not consider buying another of their products.
bummer.