Not long ago, it was prohibitively difficult to record HDMI footage to a PC, but now several players have popped up to offer that ability to gamers looking to show off spectacular virtual feats. We've previously introduced you to the $199.99 Elgato Game Capture HD, and now there's a slightly cheaper option: the $139.99 Diamond Multimedia GC1000, which also adds a host of RCA jacks to capture component video and analog audio. There's also an S-Video port. As with the Elgato and other devices of its ilk, each video and audio stream can pass through the box to a matching port on the opposite side, so you should be able to both play your game on a TV and record it on your computer simultaneously with no lag time.. Like the Elgato, you should get compressed H.264 video captured at 1080i resolution from the GC1000 box.
If you don't need HDMI, there are cheaper options out there, but there's also the slightly more professional route: the $199 Blackmagic Intensity Shuttle does much the same thing, but gives you uncompressed video over USB 3.0 or Thunderbolt for the beefy workstation in your editing pod.