The best advice I can give you is that, if you plan to edit with Premiere Elements DO NOT capture with that All in Wonder card. It's a primitive capture device, and none of the formats it captures as will work in Premiere Elements without conversions or problems.
The best investment you can make, if you plan to capture analog video regularly, is an ADS Pyro AV Link. This device, which sells for under $150, captures DV-AVIs, the ideal format for editing with Premiere Elements. And I've never met anyone who was unhappy with the results.
Cheaper solutions, like the ATI card or Pinnacle's Dazzle, just lead to problems. And there are many more expensive options.
But the Pyro AV Link will give you captured video that interfaces perfectly with any video editor and looks at least as good as the original tape!
I just got a computer that has an ATI TV Wonder HD 650 PCI express card, which I am trying to use to convert VHS tapes to digital format.
So far, the mpg files look decent, but that's in preview mode only. I haven't done any exports to DVD or anything.
Are you saying that the quality of the images I would get with the Pyro A/V Link would be significantly better than with the TV Wonder card?
My other issue is that I have a Vista 64-bit system, and I'm not sure whether ADS has updated that model to work with my operating system. The ADS website still carries a message that reads, "ATTENTION VISTA CUSTOMERS: Devices that will have Vista Drivers/ Software will be available for download or further instruction on our product support site as soon as development is complete." There was also a thread at muvipix.com from Feb in which a Vista user was describing difficulty trying to get his Pyro link to work after upgrading from Windows XP and Premiere 2.0 to Vista (32-bit) and Premiere 7, using the same Pyro that had previously been working.
I'm more than willing to invest in a separate analogue capture device/converter and a time-base corrector if it will significantly improve the results. (It will be a pain after spending many hours converting many old tapes. But que sera sera.)
The issue with capturing to MPEG2 is that it is a compressed format. This is fine for viewing... it is the same format that is on a DVD, however it can gives issues when editing. These issues are generally audio sync issues and problems when exporting/burning.
The other thing is that once you export/burn Premiere Elements will re-compress the file again to MPEG2 and this is where you will lose quality. DV-AVI as captured by the Pyro and Canopus devices is less compressed... it is 13GB per hour compared to about 4Gb per hour for MPEG (dependant on the compression bit rate) and therefore can be exported/imported without losing quality... then on the final export/burn it will be transcoded to MPEG2.