They should both import with no problems. You have to choose between file size and quality. There may not be much of a notable difference between the two with standard definition video.
I've tried all the settings on my Elgato and have settled with the default MPEG4. The other settings don't look significantly different, but do produce different sized files.
Thanks... that's what it looked like when I did a test import of some VHS footage using both settings. I opened them up in Quicktime and enlarged them and saw no noticeable difference between the two when comparing the exact same freeze frame. It seems MPEG-4 would be slightly better based on the extra 1 MBit/sec but I didn't see the difference it in the freeze frame.
At any rate, it's a pretty handy tool when connected to a VCR via S-Video and you have hundreds of VHS tapes to convert. I assume that when the video is captured by the Elgato it is doing a conversion that loses quality from the original and then FCP is transcoding it to when it gets imported for more quality loss but I guess that's unavoidable.
Appreciate the reply!
If you have a good quality VHS recording, your Elgato capture should also be pretty good. Other factors include in how good of a condition the tape itself is in and that your VCR can play it smoothly.
You should clean the VCR play heads and maybe play through the tape or wind rewind it once to make sure the tape is tensioned properly and plays smoothly.
Others have suggested in similar threads a Canopus capture device which also puts a time code in the captured video, if you have hundreds of tapes you may want to check it out.