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How are you going to capture analog component HD. You Can't directly! No capture device exsists that takes in component into something and saves it digitally. W-VHS is the best you got and the only thing that can do it natively, but that is just an analog vhs recorder with smaller heads.
The only way to capture analog component HD is to convert it to HD-SDI which isn't cheap.
It would be about 3k to get a component to hd-sdi converter, and then you need a computer that could record it or a digital deck and your back to some compression, but if you can afford the deck then you could afford something better than a hdv.
Their is also another technical limitation for the reel-stream mod. Bandwidth. Even if you hack the sensor on these prosumer hd cameras you don't have enough bandwidth over 1 cable. So 3 usb then, but that doesn't work because the controller can't handle the bandwidth. So 3 controller and 3 usb, but this doesn't work because usb is a pci bus (this might not be true, because a lot of usb are embedded in the south bridge but nobody knows the real bandwidth)and the whole pci can't handle that much bandwidth. The next step will be insane, 3 computers, but now you have the problem of trying to sync them. But even if you got away with one computer because of multiple embedded usb controllers, you need a computer with either hugh horsepower to compress on the fly, or pci-x to handle the storage. Its harder to overcome.
I'd suggest you check out my thread on DIY development plateform, which has turned into me developing a hd-sdi camera. I also have plans for an fpga hard drive deck (NO filesystem) that will capture hd-sdi and component and will have hd-sdi out and component out. But the camera head is being developed first. This is not a pipedream, i alread have half the fpga for the camera programmed.
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