For the video capture nerds out there, elgato released the Game Capture HD on June 1 and it's generating a lot of buzz in the gaming world. With only a couple of in/out ports, it's apparently a piece of piss to setup and use.
Game Capture HD features HDMI pass-through for lag-free 360 and PS3 capture & gaming. It also works for iOS devices, PC to PC and TV recording. The HDMI signal on Xbox is unencrypted, so they can use the port direct. PS3's HDMI signal is encrypted so it uses A/V to HDMI conversion within the device.
Video is captured at 480p, 576p, 720p and 1080i in H.264 format, ready to import into your favourite PC or Mac video editing software (or use elgato's editing software), or you can upload straight to YouTube or Facebook with one click. A neat feature is you can record at a different resolution than you're playing...for the 1080p sticklers out there.
Game Capture HD is powered by USB rather than a wall-socket, so keep a spare USB 2.0 port handy on your computer or use an external USB power supply. That's good news for Aussies - we can import these puppies about $50 cheaper than you'll find them locally and we don't need a US > AU power converter / adaptor.
I've taken a bullet for the team and bought one from Amazon for $179 USD to test the results. There was discussion about just such a device a month or so back here on the forums and I asked if and how HDMI pass-through was possible. Now we have the answer.
More info at Elgato Game Capture HD
Amazon link, check the user reviews - Amazon.com: Elgato Game Capture HD PlayStation 3/Xbox 360 Recorder for Mac/PC
Gamespot review - http://au.gamespot.com/features/6379756/
Gamergeddon review - Elgato Game Capture HD review
An iOS review at WWDC: Elgato's Game Capture HD is Blowing My Mind Right Now | Touch Arcade
Note: when searching for reviews, don't confuse elgato Game Capture HD with Avermedia Game Capture HD, they're different products.