I'd go with the Hauppauge HD PVR to record Xbox 360 or PS3, basically any digital source, and an Elgato PVR to record analogue (PS2, Gamecube/Older)
The Hauppauge is quite easy to break though, so you need to be careful, but seeing as it just stands there, its not really a problem. (You can easily place it right under a gamecube for instance)
Basically, just make sure to use the power supply provided, as any other will break it, even with the same specs (I've done this twice)
And to record commentary, use Audacity, and your microphone.
You'll now get two separate audio files that you just need to sync in whatever editing software you use.