I have made the move to High Definition. Observe...
This is my perfection video rendered in HD. I used the Hauppauge 1212 HD-PVR rendered at 720P .MP4. This format is okay... I think I'll be going with the AVCHD .TS codec. It renders a little cleaner and there's not so much ghosting. The Justin Timberlake video I rendered (FOR MY WIFE!!!) was recorded using the AVCHD format.
If you're into recording stuff off your DVR -or- "backing up" BluRay movies that you purchased -or- recording your XBOX 360 or PS3 gaming sessions, this Hauppauge device may just be what you're looking for. It lists for around $250 but you can find it for below $200. It's very user friendly but it takes up a lot of hard drive space... for your recordings. You may want to pick up an external hard drive while you're out.