Yeah that's the plan, to capture from the DVR using component and transcode in one shot to the final file format.
I need to open up the PC and make sure there's a PCI-E slot free that isn't right next to the video card, before I order the Colossus.
Thanks for the assistance so far guys.
Capture from DVR > Colossus via component
Save as .m2ts
Use Video ReDo H.264 to edit (which will not re-encode) and re-save, again as .m2ts
Play on WD TV Live
Saw that Video Redo...