Never seen it before and to top it, I was just re-saving over a previous video file of the same name that I had just re-made, so FCP had happily already called it that name!
I just gave it another name and re-saved and it was fine!
I'm not sure about mac's, but on pc's, there can be a problem if a path name is too long. So if the files are buried many layers deep, that can cause problems.
The other possibility here, in addition to the full path name, is an unprinting character accidentally entered in the file name, like "control C" rather than "C". This error is most likely being generated by the Mac OS rather than FCP. FCP is only passing that error on to the user.
Try carefully typing a different name.
Try capturing to a different disk. Your capture disk is correctly mounted is it not?