This device has been listed for some time. Here is a small review of mine.
So I got this gadget finally. Mainly I was hoping to capture second MBP DVI output into my main MBP for further manipulation/mixing.
It sure does that but has a nice surprise also.
First you need to make sure you box has latest firmware installed. When you download and install software you get the option to do that. It makes the connections more stable than you see on this video made 2 years ago http://vimeo.com/6021703
Then the box works the best (at least with my MBPs 4.1 early 2009) when you choose 720p 50 YVC 8bit everywhere you can in Preferences. I tried with Isadora, Modul8, Quicktime. The result is quit satisfactory. Better than any other option I ever tried. The only problem with my hardware is that on the MBP I capture from I can choose very limited output resolution - only TV formats. And this seems to interlace the output signal. Maybe it is not so but I see some scanlines on my main MBP. But again the quality is way better than anything else I have seen.
I tested the DSLR capture as well (Pentax K-5 HDMI out 720) and it works good.
The most surprising result was the excellent quality of analog video capture. I used my good quality 1/3 CCD 520TV lines security cam with different lenses. Picture quality is great and since we can capture uncompressed 422 the latency is about 1-2 frames. I tried lip-sync running through Modul8 and it is more than acceptable.
CPU usage is about 50% if you just capture live.
So for live capture analog video (S-video) I got better result off my camera than I have never seen before - both picture quality(detail) and latency.
Great product, very useful also for HD output.
For footnote: I do not know how well Thunderbolt connector is designed but Expresscard adapter needs some kind of harness to secure it into your MBP. Even slight movement disconnects the card and you need to restart your app to reconnect. But that is the fault on Apple side.