Old forum discussion, message now gone, but here's the summary
Matt with Grass Valley Canopus in their tech support department stated that the model 110 will suffice for most hobbyist. If a person has a lot of tapes that were played often the tape stretches and the magnetic coding diminishes. If your goal is to encode tapes in good shape buy the 110, if you will be encoding old tapes of poor quality buy the model 300
Both the 110 and 300 are two way devices so you may output back to tape... if you don't need that, look at the model 55
http://www.grassvalley.com/products/advc55 One Way Only to Computer
http://www.grassvalley.com/products/advc110 for good tapes, or
http://www.grassvalley.com/products/advc300 better with OLD tapes
Since you want two way, ignore the model 55
I am trying to capture and edit some footage shot on dv tape.
You don't need anything special: a cheapo miniDV camera--even a half-busted one from eBay that might not shoot but still plays will work--a FireWire/IEEE1394 card or connection on your motherboard/laptop, and a cable. DV is Digital Video, and all you're doing is transferring the digital data from the tape to the hard drive. You can spend $20 on a camera or $2000 on a deck and you'll get the same result.
I like the Matrox MXO 2 Mini (about $500) for workstation I/O. It's only analog input is component and you probably need composite or S-video, but I'm sure there's an adapter for that.