There's capture cards that you install into your PC(never tried because I have a laptop and I don't really mess around with it a lot) that allow you to capture video via HDMI, if I'm not mistaken. The only bad thing when using that device would be the extra cables as opposed to using one. I personally can't tell the difference in picture quality from HDMI to component.

Anyway, I bought one of these as a backup and it shipped today. Hopefully I'll have it by Wednesday or Thursday and post some impressions for those of you interested in it.