I think this is one of their older products. Are you looking to add DVR (TiVo) capability to your Mac? Or do you just want to import analog video?
If you are just looking to import video you could also use a MiniDV camcorder that has the AV pass through feature. You'd plug the analog source (VCR or whatever) into the camcorder and then go from the camcorder to your Mac via Firewire.
Not sure the price of the Studio DV but Im sure you could find a decent used MiniDV camcorder with pass-thru on eBay for $150 or so. Just make sure that it has the pass-thru or bridge feature as many of the low-end cams did not have this feature.
This way you can get cheap camcorder and an AV bridge for a decent price.
To do a proper conversion of analog to digital, you need a firewire converter that can remove setup from analog video or else it'll come in with the wrong 601 level of video. Bright parts of your video will be clipped irrretrievably.
It's pretty bad - Tiger support is terrible, sometimes crashes when recording... And about another million complaints... Don't buy it. You'll regret it.