Are you planning on using it for MiniDV tapes or analogue source ( VHS Hi 8 ect)
It looks good on paper but if you are coming from MiniDV, It may be worth seeing how long it takes to capture as mpeg via Pinnacle.
There are costlier gadgets like
THESE which will give you more for your money .Pinnacle also has its one line bundles with Studio and the DazzlE line
Otherwise, I think a setop DVD recorder ( especially one with HDD ) will serve you better.
In terms of time the settop DVD recorder will digitise in real time
However given the cost of the Plextor gadget, I suppose its worth trying but capturing your Digital footage by as composite video is certainly bound to result in loss of quality
Even by using a settop recorder I was thinking of one which would connect to the camcorder by firewire and keep the video as digital ( and preserving quality) all the way