Also MPEG-1 allow easily go to 480x480 or larger sizes without dropping frames. But they don't. To use ATI Wonder for video editing is simply no good. You save some space capturing to mpeg instead to m-jpeg, but not as much as you would think. Remember using Marvel G400 happily capturing 720x480 without dropping a single frame and with outstanding quality, well also huge files.
TV tuner is OK and with a bonus time shifting recording.
Later you just hit play and you watch the time delayed show or during commercials you can fast forward and catch with live. Well there isn't anything much better for MPEG in this price range anyway. Something may be better, something worst. And if you planning to edit the videos before final export, the capturing to mpeg would have very little benefits. Comparing the results to the year old Matrox Marvel G400 TV with hardware m-jpeg you would appreciate Marvel's crisp picture and great video quality.