The Elgato Game Capture works with basically every system, The component adapter will accept Composite, just plug the Yellow into the Red, and the 2 audio into where it would normally go. There is a Composite cable for sale on the site as well, but it is not necessary.

(Taken from the Elgato Card)
It has great output, but can be flaky, I've lost a couple recording sessions due to some errors, like glitched video or it just not creating a video file. This is a problem if your settings are set a certain way, I'm still working out what works best, but pushing video quality all the way up and what format it is saved as seems to cause it. It works more times than not though.
You can ad mic audio to the video file, but I like to recorded separately in Audacity and sync it up later.
For a cheaper option, the Dimond GC500
WAL-MARTHuge downside: It will not work with N64, PS1, or Genesis. The included software does not support the resolutions. Though if you find some other capture software, you might be able to get it to work. Video quality is a mixed bag, very blurry. To see it in action, watch some of my Let's Plays made with it. Mario Kart 64 and Sonic Adventure DX was recorded on a Wii with a component input. Castlevania was recorded on an NES.
https://www.youtube.com/user/PowerPlaid/videos