Instruction: Answer the given question using the supporting document.

Input:
Question: How much latency does this device add to the video signal? Would it be appropriate to use for live capture?
Document: I had originally purchased a competitor to this device, the Elgato Game Capture HD, for the purpose of capturing iPhone/iPad video to my Mac at 720p 60fps.
No video capture in different settings either on HDMI or SDI. Body of the recorder gets very hot, I measured temperature 62C.And to make sure that everyone not making assumption that this is H264 compression device, no it is not.
Basically, the product works, but is not HDCP compliant. I work in PR, and bought the MiniRecorder to capture press hits our company would receive on local news. After many different configurations, I was never able to get a signal in Media Express. Thinking something might be wrong with the Mini Recorder, I tried connecting it to my Apple TV. Sure enough it worked. This is when I realized it is not HDCP compliant - even though the product description explicitly states it works with set top boxes.
I purchased this in the hope that I could connect myCanon VIXIA HF M500 Full HD 10x Image Stabilized Camcorder with One SDXC Card Slot and 3.0 Touch  LCDto my computer and be able to live stream and use it as my webcam for Skype and Google+ Hangouts. I had originally looked at theBlackmagic Design Intensity Shuttle Thunderbolt. But all I really needed was a box to convert my HDMI signal to Thunderbolt. I didn't need the pass thru ports, nor all the other inputs on the Shuttle.
It would be much better if the BlackMagic software (BlackMagic Media Express) could switch this automatically itself, or at least prompt the user if it's set incorrectly.
I spent many many hours trying to get this device to work with the latest version of OSX and their newest drivers. I got it to work for about an hour and after that, my computer could not see it. I called tech support a couple times and finally they determined that the device must be faulty. I sent it back and am not interested in trying a second one as the first one wasted too much of my time.
Whoo!For the record, I got it to work in Screenflow, FMLE, CamTwist, and Black Magic Media Express. That's pretty much all I use, though I may try to do some skype-rebroadcasting at some point... Anyway, it ROCKS for the price, the only feature I wanted was hdmi->thunderbolt, and that's what it delivers, for half or less of BM's and everyone else's solutions (which, admittedly, do a hell of a lot MORE, also).
This product can be used to capture unencrypted HDMI signals (without HDCP) or SDI video. So a PS3 for instance will not work with it. But otherwise it is very flexible and captures with very high-quality. The software control panel allows you to select many capture resolutions and frame rates. It allowed me to capture to a Mac from a 1080i camcorder to BM Media Express (the included software), FCP X, and Wirecast. It did not show up as a video source in Quicktime Player.
Makes for connetng video camera to MacBook during video shoots and production. Easy to use and connect. Great service and price.
I had a customer wanting to use the HDMI video and audio output from one of my servers (1080i50 or PAL) and take into Skype on a Mac Mini. We got this working using an UltraStudio Mini Recorder by installing Skype version 6.0.0.2946 on the Mac Mini. For PAL output from my server we use the upscaling option in the Blackmagic System Preferences to convert PAL to HD.
Answer: Very little latency. I have not personally used it serious live capture, but have tested. I didn't notice any latency. Streaming magazine suggested a couple of these Black Magic Design UltraStudio combined with a newer, three Thunderbolt buss MacBookPros and Telestreams Wirecast as a portable live streaming system in their April edition.