Alrighty, here are the two shots.
GTA4 - Hauppauge
Ratchet - Blackmagic
So at first I thought the blackmagic was hands down better... but that's just because ratchet looks better than GTA. The screen cap from GTA looks exactly like how I played it... pretty ugly in my opinion. So then I looked for patches of compression to "like" colors and couldn't really find them. I actually have the video (it's fresh from the capture card... in other words it wasn't reencoded to wmv/mp4. It's just the TS file that is spit out when capturing) the gta4 screen was capped from and couldn't really see much compression. If you want it, i can post a link (if I can find where I got it from).
Anyways, aliasing was my friend here. You can see the aliasing along the edges of the roads. To me, that's a good sign as it looks like it preserves the input data well. The ratchet one is harder to judge because it's just overall fuzzy. So since it was really hard to distinguish between the two, I just went with the Hauppauge.
I also saw an NCAA 08(07?) 720p capture from the PS3. lt was reencoded to wmv and I could see the compression take effect then. Even then, it was still really good considering it was encoded twice.
The Hauppauge is 250 bucks and is on backorder until mid-july (at least that's what they just told me yesterday). So I haven't gotten mine yet. Peeps on avs are saying that 720p is 60 fps.
EDIT: I did see some really nice uncompressed 1080 shots from the blackmagic. My guess is the difference between using the hdmi against the breakout cable. Using the hdmi, there's no conversion (at least I think) since it's digital->digital. Using the breakout cable, you put component cables that are then converted to dvi (i think dvi). So there might be some quality loss through that process. Though I'd guess if you're using the hauppauge, you're converting that analog signal from component to digital before the compression. So I dunno...