FYI, the Elgato allows older game recording too. The component to hdmi conversion cable that allows you to connect your PS3 and bypass the HDMI protection and still get HD quality doubles as a composite connection too! Plug the yellow video cable into the Red component connection and use your standard red and white audio, and voila! If you have consoles with antenna hookup, just get one of those a/v converters for like $5 on amazon or most consoles like that have a separate a/v cable set (such as the sega genesis) that you can find for around $5 as well.
And you can still use the super easy capture and editing software for the older consoles too!
I love how the software for the Elgato also allows you to catalog your capture as well with tags, titles and specific game names.
Just FYI...
Yes, PS1, Original Xbox, PS2, Gamecube, N64 (I currently have all these hooked to a 6 way a/v switch and that ready to go into the Elgato in our studio). I'm looking for a Dreamcast to complete our setup.