Bringing this thread back to life for a state of the technology update:
The capture product landscape is changing quite a bit; the bad news is capturing PCB is still just as annoying. However, capturing current-gen consoles is getting less annoying.
Some products to be aware of:
http://www.myhava.com
The HavaHD line: these take component (or svideo/composite) in, and encode to MPEG-2. It's an external box, and you connect to it via their 'recorder/viewing' application. Takes all the way up to 1080i; outputs 720x480 "interlaced" MPEG-2 (basically the exact same type of MPEG file you would need for DVD)
Pro: It's an external, ethernet connected box (some models are wireless). Real easy to use.
Cons:
1) Some PCBs will confuse it; example: it cannot sync properly with my Dangun board. I haven't even dared to brave RFJ.
2) If you feed it a 720p image, the output is ugly. I think their internal scaler isn't quite up to snuff for 720p. I actually have an RGB->HDTV scaler, so I just do some conversion on my 720p XBox stuff and then make my scaler output 1080i to the Hava. Looks great, but a bit complicated.
Related to this, they've announced a new version of the HavaHD that will OUTPUT HD MPEGs; so you can take input all the way up to 1080i, and output a high bitrate MPEG-2 with a resolution of your choice. This will be great for getting high resolution captures from the PS3/X360 over component.
http://www.blackmagic-design.com/products/intensity/
Blackmagic Intensity Pro
An HDMI+"analog" capture card. I have no personal experience with this one. I've heard it doesn't do 480p. Also, the HDMI will NOT take HDCP encrypted streams; I know at least one next-gen console HDCP encrypts game output. I suspect the analog side is going to be just as hit-and-miss for PCBs as the Hava. I'm not sure under what circumstances I'd pick this over the Hava, especially once the new Hava with full HD output becomes available.
PhynxRGB (no link, just google around)
The ultimate RGB capture. It'll capture all the way up to 1080i, and even comes with an application to do 'custom RGB timings', so you could theoretically tweak it for weird PCB timings. I have no hands-on with this either, the thing is like $1k. I'm not even sure it can handle 15khz; it would be one of things I'd like to test.
Various japanese capture cards (PV3/PV4, MonsterX). I hear good things about them (particularly the MonsterX), but I haven't taken the plunge yet. I know the MonsterX is D-Terminal. Are the PV3/PV4 the same?
Random tidbits: If you have an HDCP protected HDMI device you can use the HDFury to convert it to RGB, and (for now) defeat HDCP. I suppose you could then convert the RGB to component and feed it into a HAVA or Blackmagic. I think there are more straightforward HDMI->component out there, but you need to do homework regarding the HDCP. And you have to live with the possibility the HDFury's HDCP key will be revoked sometime in the future.
I'm pondering trying to find an old XRGB2, and using it to upscale the PCBs, and then feed that into the Hava. It would make post-processing the captures way less fiddly.