It stops at the end of the recording when done over firewire. Even if there are two hours of tape left.
No preset, it will usualy keep capturing until the tape is finished even when the end off the tape is black/blanc. That is when e.g. a camera is used as a av-dv device. The vhs tape does not have a timecode.
But if you are capturing to dv-avi, then put the avi on the timeline cut off the black and export it to dv-avi.
There will be a generation loss but not noticeble.
I'm not sure that the two answers so far apply to my situation (though I do appreciate them). I am running a VHS
deck into the analog inputs of my Sony DSR-11, and then passing the signal through the firewire to my computer. There is no tape control. So if I start digitizing a 2-hour VHS tape and go home for the evening, it seems that Premiere will capture until I come back into my office 14 hours later, and I'll have a gigantic file with 2 hours of video and 12 hours of black.
If it is not possible to tell Premiere "capture for 2 hours then stop," I will request this as a feature in Premiere CS5. In Premiere 6.5, there is a "capture limit" setting, so it shouldn't be too hard to reintroduce it.
When doing a Capture of VHS tapes (via an A-D bridge and FW), I find this a good time to log the shots with approximate Timecode, and scene descriptions, so that I can then more easily address the editing process. I did a chart for this and just sit and take notes, filling in the cells of the chart. When done, I have a pretty good idea of what I will need, and about where it will be found. I even go so far as to take notes on things like Color Correction and Gamma Adjustments, so I have a plan, when I go to edit. This is time that would otherwise be spent watching the files, once Capture was complete.