I have a similar problem with my JVC cam. Each time I started the review or capture, I had to go up to the menu bar and click 'options' then 'reconnect to current device'. I never have the problem with my Sony.
Yup - been there done that. Got any other "devices" muscling in? I now have my Epson scanner permantly disconected. One way I can get stuff messed up is to reconnect the Epson. Oh yes, have you recently acquired, installed or used a digital camera? If I don't have the XM2 connected prior to VidCap, the programme wants to pick up a digital "pen" camera my brother-in-law gave me as a present . . . .