The Hauppauge PVR was recommended to me while I was looking for a way to record my gameplay. I have to say, it's worth every penny! What's great about the PVR is that you can record video straight to your PC without an Internet connection. The quality of the recordings is exactly the same as it is on your TV; so, if you're recording a game that's 60 FPS, the PVR will output at 60 FPS. Unfortunately, if you plan to upload vids on YouTube, YouTube will reduce the frame rate to 30 FPS. Since a video on YouTube won't be the same quality as your recording, the bitrate of your recording should be no higher than 5 Mbps.
The PVR includes the full version of Total Media Extreme, which works well. It has configurations specifically for the PlayStation 3, as well as the Xbox 360, allowing you to start recording without messing with the settings. You can also convert videos to different formats if you wish. For those of you with Windows 7, the drivers work just fine on both the 32 and 64-bit version, so don't worry about the PVR being unsupported on your PC. The only potential issue with the PVR is that it doesn't have a HDMI port, so if that's a problem for you, don't buy this. I used HDMI on my PS3, but I ended up buying component cables so I could use the PVR. The picture quality actually improved for me, but I think it had to do with my HDMI cable carrying both audio and video signals. When that happens, apparently the video quality degrades, but I digress. Note that both the PVR and the device you connect it to have to be powered on in order to get a picture on your TV. For example, if you turn off the PVR while the PS3 is on, you will lose the picture.
I am completely satisfied with my purchase, and I wholly recommend the Hauppauge to anyone who is looking for a device to record their gaming sessions. Seeing the quality of the gameplay you've recorded for the first time...it can't be understated.