I've been playing around with a Hauppage HD PVR 2 Gaming Edition, it can capture pretty much anything composite, component, HDMI (not HDCP, unless you have one of those magical splitters..). It will do 1080p@60Hz also whereas the Colossus will only do 1080i, not really important for your use but it maybe a consideration.
The Hauppage devices will encode in h.264 internally. Something like A BlackMagic Intensity or DeckLink Mini Recorder would allow you to capture it all uncompressed and then encode it whatever way you want afterwards if you require that, but they also require more horsepower and lots of fast storage space.
4670K@4.5GHz | Asus Z87-A | G.Skill 8GB 2400MHz CL10 | GTX 660 2GB | Samsung 840 120GB |Thermalright Macho | Lancool PC-K59