Rad idea, wish I had some knowledge on the subject. When I converted a bunch of old VHS tapes I went straight from my VCR to my PC, and it was fairly hassle-free. I suppose the price on that thing is high enough to where you can't just buy it on a whim to see if it works.
I'm sort of a Christmas fan (I watch movies and play music off and on throughout the year -- yes, I know I'm a weirdo), so I definitely support the effort to save the old classics from oblivion. I hope someone with more knowledge will chime in.