Pick up Dazzle Creator 150.
It has an external USB 2.0 based module which contains the MPEG encoder/decoder.
However, the MoveStar 5 software does a pathetic job of encoding to MPEG2, as it uses the Microsoft MPEG2 CODEC.
Basically, you won't be able to really edit the captured footage with the software they provide.
But, the DVD Complete package is pretty nice and does an good job of creating the DVD. I am going through moving all my laser discs to DVD using this tool and the quality of the transfers is as good as the original.
Also, as the input data is already MPEG2 encoded, it takes up significantly less hard disk space (about 4GB for every 2 hours of video footage).