i'd get a 250 (also from elgato) instead of the hybrid. because the 250 is a hardware encoder, i got zero latency, even when my mac still had a g4/466 cpu in it. the hybrid on the other hand is a software encoder, which means it is using the mac's cpu to do everything. which is why ttc was getting some latency, even on his g5.
and i got the 250 just to be able to play my dreamcast/psone/n64 on my mac, and it works great.