Pros: It's cheap and it works, the build quality is excellent -- it's a rubberized plastic, feels great. The cables are labeled so anyone could set it up, no matter how novice they are.
You're not forced to use it with the software it comes with, you can actually use Windows Movie Maker or even VLC to capture a live stream no problem since it's installed as an imaging device on Windows.
Offers support for PAL and NTSC and various encoding options. The video quality is OK for the price, it doesn't require much processing power either if you've got the encoding set just right.

Cons: Drivers, you'll find yourself reinstalling them more than once.
The extension cord: do not use it, I wasted several days troubleshooting this device just to find out it was the extension cord. (It worked fine on a laptop which was being battery operated, but didn't work with a desktop PC -- every time I tried to access the device I would get a BSOD)
The usb cap could get lost, But it's obviously a minor design flaw...
I didn't get to try the audio input yet, but even when it's unplugged I can hear some "pops and clicks", may not be a good sign...

Other Thoughts: I should have gotten the 4 channel DVR version... I just saw it on the website and a massive facepalm occurred, it was heard all around the world.

Bottomline: Buy it if you're planning on digitalizing your old VHS movies or maybe you want to use an old VCR to watch TV... It's also usable as a webcam if you happen to have a camera with composite video / audio outputs. I don't regret buying this.

Pros: It's very cheap, and it works.

Cons: The software included is just bullshit, might be hard to set up.
Records in 720x576 pixels - this is not 720p.
Not perfect contrast, you might need to add contrast in editing software if you're going to use it for something.

Other Thoughts: I use this to record gameplay from my playstation. I split the audio/video signals so there is separate signals going into my TV and my computer. The playback is not very good on the computer screen, so you will need to connect the source to the TV.
Also useful to record tv shows and such.
I suggest you use VirtualDub to record from the EasyCap.

Bottomline: I'm glad I bought this, and I can record gameplay from my Playstation 3.
If you need HD recording equipment you will need an HD PVR.

Pros: This is extremely cheap, and works.
It can actually capture surprisingly hd videos with certain programs.
It's lightweight.
Drivers and support can be pretty easily found through youtube or google.

Cons: I've heard the bundled software was horrible but you can download better ones.
The sound capturing quality is bad, not unusable but very scratchy and low volume.

Other Thoughts: You might need a bit of experience of debugging windows to install drivers and get everything working.
For the recording software I strongly recommend virtualdub.

Bottomline: If you need to record video games or if you want to use your laptop as a tv, there's little reason not to buy this.
I think it's the cheapest of it's kind. Yet it works really well.

Pros: If you ever need to capture any kind of footage for any reason, I would HIGHLY suggest this product. It's very cheap compared to other devices that do a similar job, and it is definitely worth the 11 dollars that it costs right now. The video quality isn't HD, but it is definitely passable. If you want to record some gameplay footage from any kind of video game, it will work perfectly. The build quality is good too. It doesn't feel like it's going to spontaneously crumble in my hand like most cheap things that are made out of plastic do.

Cons: This thing is REALLY not fun to set up. The software it uses is stubborn, and it really doesn't want to work during the initial setup. BUT, once you get it working the first time, it will work great the next times you use it.

Other Thoughts: Make sure you switch it to NTSC in the menu if you're in a place that uses NTSC. That took me a while to figure out.

Bottomline: This is a great product that you should get if you want to capture any kind of video. With the help of people that are posting in the forum for this, you'll get it set up and working great in no time. :D