http://www.myhava.com/product_hava_wireless_hd.html

Someone here told me that this product would work for what I wanted a couple weeks back. They said that by using this I would be able to do something like the following:

I would be able to send an HD Signal (ultimately from a console such as an Xbox 360 or a Playstation 3) and be able to send that to my TV to be able to play in HD. Meanwhile, another signal is sent to my capture card where it would record the picture in 480i.

Can someone confirm this and tell me how it works? Would I need component cables?

I had this nice elaborate diagram like the following:


Which ultimately goal was to do what I described above. Play a console in HD while I recorded in the only defintion you're allowed too. The annoying thing was that this diagram had a few places that the recording quality would diminish. The guy recommended to get the HAVA because it does what I stated above with less clutter and for the same price.

P.S.: Does this product also record too? And does it software record or does it hardware record? I bought a hauppauge card for the hardware encoding (which now seems like a dumb reason because I didn't realize this thing also records like the page seems to suggest with saying RECORD everywhere :P ). So does the Hava record on it's hardware or does it use the PC's CPU? If it uses the PC's CPU... how can I tell it to record through my capture card?

Can someone also tell me the setup in how this is accomplished? I don't understand how I'd set it up (so I know if I gotta move anything around).