Recording Xbox 360 using IMAC 27

So I just ordered a 27in iMac and now I want to know how to record video from my TV. So I need some help:

TV 32 Olevia with no video out but accepts svideo component HDMI and VGA and couple others

Xbox 360 I do have the VGA HDMI and Component connectors

So I need some help being able to record it from my xbox or TV, since I don't have a video out I will probably need a splitter right?

Also what about the interface for the mac? Ive read up on elgatos but I am not sure which one.

I will be using the MAC to record replays or gameplay(if its not laggy.)

You will need one of these.

Do you have a camcorder?

No, I dont have a camcorder.

Do you have a cable box for your TV? I'm asking because I found this article. I have been reading customer reviews of the Pinnacle recorder on Amazon and there't aren't a lot of happy reviews for it.

Unfortantly no, I have satellite. I did read some reviews on the pinnacle and they seem to be soso. Ive been doing some other research and they were talking the elgato being the best for the mac. Thier amazon reviews seem good also.

On a side note there was 2 reviews on the pinnacle that used it for my purpose (recording xbox replays) and they said it worked fine but didnt comment on the quality.

If this is the product, then this may be a more reputable product. I agree, the Amazon customer reviews are much better than the Pinnacle recorder. I would choose the Elgato.

Ok, Heres a little update on the situation. The Elgato works perfectly fine for its job but the quality is lacking.

I now amd using the Hauppauge HD PVR with Eyetv. It is a nice setup and it records awesome in 720p! But, there is a big price difference.

I paid about 90$ for the Video Capture and 210 for the HD PVR, I got the Eyetv software for free but it is 80$ normally. If you dont want to pay for the Eyetv software there is software called HDPVRCapture that is made from a developer of the Hauppauge for 30$.

It really depends on what kind of quality you are looking for.

Another update after using the HD PVR and EyeTV it is a MUCH better setup plus its HD and records in H.264. And it makes wonderful videos, and the quality is superb.