I bought this for my son for his xbox 360 as he likes to record his game plays and pop them on you tube.
Very easy to setup. Accompanying software has a nice file converter should you want to compress files for uploading etc.
Recommended, because the alternative (video capture card for pc) is not as easy to setup as you'd expect and this is ever so easy.
Although the package does come with a set of HD composite cables, just make sure your tv/monitor can support composite RGB video input, (don't mistake these for the standard 3xRCA) AND that you have a HD composite cable for your xbox or you may have to spend a couple of bob on buying a "HDMI Male to 5 RCA RGB Audio Video AV Component Cable" (£4 on amazon) and an "Xbox 360 HD RCA Component YPrPb cable" for your xbox (£5 from amazon).
Also worth bearing in mind that when using the HD-PVR with a XBOX 360 this DOES NOT record YOUR chat (although it records your party mates chat). This is because your voice through the mic does not output through your xbox. You'll have to either record your voice while playing through the pc using software such as Audicity and then overlay the file onto your video file using Windows movie maker or setup a fancy stereo mic-mixer. There are many you-tube vids explaining how to do this. Personally I opted for the mic mixer so my son doesn't have to faff with extra software.