Honestech has recently released version 5 of their VHS to DVD conversion solution. We reviewed v3.0 and found a high quality product. Version 5 improves on it in a number of ways.
First of all, v5 (and v4) include support for 64-bit Windows 7. Version 5 also now has an RCA cable, new motion menus and you can include background music. Even better is its support for the iPad.
You still get the USB 2.0 capture device that you plug your source device into (video or audio) and then into your computer, and you also get the full-featured software that captures, converts and allows you to edit the audio/video. It also helps you to burn to DVDs and/or Blu-ray with custom menus or even upload to YouTube.
More info from the manufacturer
(Please note prices are subject to change and the listed price is correct to the best of our knowledge at the time of posting)