Current Status: Preproduction (Audio/Video Capture Successful)
After about 2 weeks of research I found two products that work well with devices such as the PS2 and X-Box 360 which use RCA connectors.
(1) Pinnacle Dazzle DVC107 - Great Video/Audio Quality, good response time and reliable.
http://www.lakopacific.com/page/Product ... 38567&pid=
(2) Pinnacle Video Transfer Device - Video/Audio Quality is not as good as the above product (DVC107), but records without the use of a computer (which is great if your console is in a different room or if for some reason you are unable to connect it to your PC).
http://www.lakopacific.com/page/Product ... iPod__PSP/
Although (1) DVC107 was my first choice, it turns out there's a bit of a supply problem here in Australia and it seems to be sold out state wide, so I decided to try out the (2) Pinnacle Video Transfer Device instead. While the recording may not be as good as the original source, it's still better then most videos found on youtube, the audio is great and there are no lip-sync problems and as of yet I haven't seen any lag.
From here I'll be recording the entire game so I'll have a better idea as to what I'm dealing with. I still have to finalize what audio tracks I'll be using but all of the suggestions are helping, I'll put together a ranked list later on as to which seem to be the most appealing and appropriate for Drakan TAG.
I started editing a small video clip recorded by the Pinnacle device which outputs the video/audio in the MPEG-4 only to find out most programs can't edit it unless the file format has been converted to a more usable format such as .mov or .avi etc. I came across a free program that can convert MPEG-4 video files to almost any other known format, it's called Squared 5 (http://www.squared5.com/svideo/mpeg-streamclip-win.html
), which seems to work well with a simple menu and a useful list of options.