480p on a $100 device? lol
For $200, you can capture 720p60, 1080i60, and 1080p30 on a Black Magic Intensity Shuttle. With a future update, the device will even support 1080p60.
That said, you do need a high-end computer to handle the thing (although HDD requirements are highly exaggerate by their website).
Combine that with VirtualDub 1.10.1 (test 4 as of writing) and you can compress it basically any way you want. If you're interested in it, here are a few tips:
Unregister the .dll (google it) files for the included MPEG codec (it's in program files). It's not very good. Instead, I recommend installing ffdshow-tryouts, which every computer should have anyway and it lets you get better picture with higher compressions. Next enable the filter chain and skip the 24-bit conversion. Add a convert format filter and set it to YV12. Finally, set your video compressor to ffdshow and configure it to MPEG or Huffyuv.
Using this method, a 100% quality MPEG at 720p60 is about 560MB a minute. The picture quality is amazing. I don't have any real videos up yet, but this has a short clip of Xbox 360 Crysis 2 gameplay.
http://www.youtube.com/watch?v=E5a3D9PHgoY