If you want to record games don't use Eyetv for the recording. While recording EyeTV has major a/v lag. I'd use a screenrecording program (like iShowU or Snapz) along with EyeTV3.
I don't know much about PAL but I'm guessing you should look at the international site.
Indeed, it's only PAL50 and according to Elgato it's a hardware issue that can't be fixed with a software update. At least you've found out in advance: I didn't discover that 360s use PAL60 until I'd already bought one and found that my EyeTV didn't like it. Microsoft really needs to make that clearer.