A recording device for console and PCs that has some quite impressive performance boasts. As it's a hardware item it shouldn't have any of the drawbacks Fraps can have in terms of framerate drops. It's predicted that it's price tag will be nearly £200 when it goes on sale at the end of August so I can't see it being of any interest to anyone but the most hardcore machinima maker but I thought it might be of interest.
The only big drawback I can see is 1080i is the highest resoloution. No 1080p which is a real blow.
I currently own the existing Hauppauge HD PVR and can't see much difference between it and the "Gaming Edition" other than a green LED instead of blue and it comes with the Xbox 360/PS3 component cables. It does work VERY well with recording from any kind of component cable peripheral, but doesn't support HDMI, VGA, or DVI though so that's a sort of drawback. Basically, this one is exactly like the original HD PVR which is slightly cheaper.