This is not a revolutionary finding or anything, but I still see a lot of people who buy the Hauppauge HD-PVR to record their Xbox 360 gameplay. Personally, I see a huge difference in the quality of component video and HDMI, so I would much prefer a solution that allows me to play in HDMI and record in HDMI.
I've found this little gem:
90% of modern PCs will meet the requirements to use this card, though it IS internal. As long as you have an open PCIe x1 slot, you should be good. Unfortunately it does not let you record in 1080p (restricted to 1080i), but neither does the HD PVR AFAIK. You may notice that it only has one HDMI port, which is where this comes in handy:
Also, there is no difference between a $70 HDMI cable and a $2 HDMI cable other than maybe build quality.. I've used $2 HDMI cables on ALL of my electronics for the past ~2 years and have not noticed any failures or had them break etc. The picture will be identical.
So a HD-PVR is roughly $200. The Colossus is $141, + $8 for the splitter and $4 for 2 HDMI cables. That's just short of $50 less than the HD-PVR costs, and it allows you to play/record in HDMI. The only drawbacks being it is not portable and the system requirements are slightly higher, but still not what I'd consider high at all.
I am definitely considering this for recording my MW3 gameplay
just thought I'd share this finding. Quality is virtually identical to the Black Magic Intensity Pro, but it costs less and doesn't have insane HDD write speed requirements.