You can record component or HDMI (unprotected) sources, up to 1080p30, and the video and audio are stored as h.264 and 5.1 surround sound. The new unit will be available on February 1st, but the press release after the break doesn't include the price.
http://www.engadget.com/2013/01/10/hauppauge-introduces-the-hd-prv-2-video-recorder/#continued
http://www.engadget.com/2013/01/10/hauppauge-introduces-the-hd-prv-2-video-recorder/#continued