Dead easy to set up. Just follow the instructions and match up the coloured cables, plug it into your PC, install the software and away you go.
I had heard that the Hauppauge was a problem to set up. Perhaps that was previous models. This one is a doddle.
Just one point - if you are expecting it to glow blue like in the picture, make sure the ambient light in the room is low, and you are transmitting (i.e. your xbox - or other source - is on, your cables are connected, the PVR is on and an app on your PC - such as XSplit - is displaying the output).
So far XSplit is the only streaming app that I have found that will pick up and stream the Hauppauge output. Even then, on my system, if I start broadcasting, XSplit will crash after a while - but only when broadcasting the PVR output. Whether this is a problem with the PVR or with XSplit I have yet to determine. So if you are planning on doing a live stream of your xbox games for example, you will have a problem (unless it is peculiar to my setup).
Livestream and UStream apps, although they display the PVR in the list of cameras, will not pick it up. Livestream Podcaster says it may be busy (it is clearly not) and UStream Producer just shows a screenshot from the last item broadcasted (such as another camera).