I just purchased and this seems to be the perfect solution. You will need extra memory storage, but this should not be an issue.
Basically, connect the outputs (video, audio) from your VCR, Camcorder or other device and press play. The program will sample the video and sound. When you are ready to record, hit play.
I am currently working on the best export format which may be DV Stream. Quick Time MP4 will be fine to, depending on how you are going to review..
Program also directly imports into iMovie for editing.