I've used this capture card for a wide array of uses, and it hasn't let me down in terms of quality or compression with its software. Where it has let me down however, is that if I plan on using anything other than its proprietary recording software, or Adobe Premiere, it won't cooperate very well. I prefer to use Sony Vegas as well as a bunch of different software, and sometimes I do live streaming webcam sessions of my Xbox 360 and other gaming devices, using this device as a webcam requires "fixes" at best. If you only plan on using this card to record sources through its own software, or plan on using Adobe Premiere, you're good to go. If you plan on using any other software, or using the card as a webcam, you're going to have a bad time (+points if you got the joke).
So what if you're happy just doing simple recording with its in-house recording software, and you don't want to do anything fancy. Will this be ok for you? Make sure you have a fast enough hard drive. I bought this when I was using a very basic Sata hard drive (do NOT use an IDE speed hard drive with this capture card), and even on low quality standard definition of 480p, my hard drive wasn't writing/reading the data fast enough to record devices without dropping frames. If you want a stellar recording experience, make sure your hard drive rpm is a good 7200rpm, and make sure you get good bandwidth with the read/write speeds. Anything under 100mbps will severely increase the chances of dropping frames, even on low settings. Assuming you have good hardware, I've never replaced this card and I have the feeling it will carry me into another good 4/5+ years of video creation for what I do.