Realtime TV to VCD Capture Hardware?

[Trystero]

I'm trying to find a good solution for my capture needs. I want to capture direct from broadcast television, and capture realtime (no reencoding nonsense) to VCD format. Quality, is of course, an issue, but not so much that I'd fuss with capturing to AVI and doing the conversions.
So, my questions are this:

(1) What capture hardware should I use? The Hauppauge WinTV PVR seems to be on the right track, but the reviews seem to have disdain for the picture quality.

(2) Is it better to have an integrated TV Tuner/Encoder, or have 2 seperate cards, one TVTuner/TVin and another hadrware MPEG-1 encoder? Do all TV and MPEG cards support this solution (TVin from one card, MPEG encode on another)?

(3) Price: Price is, of course, an issue. Taking into account the need for affordable solutions, what would be the logical choice? WinTV PVR, or a TV Card + MPEG card? Which cards?

Thanks for the help!

Trystero

[markm]

PV233. There's been numerous posts in here recently regarding this, and the PV231 (same card minus tuner). Skittelson posted some links and great info on the card.