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Pros: My old computer with the firewire interface died, so I had no way to get videos off my video cameras that used tapes. I got this package, and it works great. I use Sony Vegas for my video work, so all I did was install the drivers from the DVD. I'm not using the Pinnacle software, so this isn't a review of that. I have it connected to my laptop, and I was concerned that the USB interface wouldn't keep up with the video, but it's capturing DV and HDV just fine. I haven't tried the analog video capture yet (e.g., old VHS tapes).
Cons: Occasionally have to unplug for a few minutes to get Vegas to see the device when it starts up.