Had a quick look at the specs. It captures and encodes to mpeg 1,2,4. None of these are easy to edit so I'd tend to give it a miss. I'm certain it has a place in the scheme of things and it does look a step above similar gear that's been out for a while.

The really big issue is how good is its mpeg2 encoidng, it will encode upto 6 Mb / sec which is reasonable but I have serious reservations about the quality of cheap real time encoders.