Elgato on Monday unveiled their Game Capture, a new device intended for Xbox 360 and PlayStation 3 users who want to record game footage onto a Mac or PC. It costs $199.95 and will be available starting June 1st.

The USB 2.0 interface is about the size of a deck of cards, and requires no power supply to connect. It tethers to your Xbox 360 using HDMI, or your PS3 using an AV input. It can capture 480i, 576p, 720p and 1080i resolution video, encoding them on-the-fly using H.264 video compression. (The reason Game Capture HD doesn’t capture video from a PS3 using HDMI is because Sony HDCP protection; Microsoft doesn’t.)

Included software lets you timeshift the video you’re saving, edit and share; either by creating a local movie file you can do what you will with, or through YouTube, Facebook, Twitter or e-mail. You can send the video to your iTunes library, stream it to an Apple TV, or share it with other video editing applications like iMovie.

System requirements call for a OS X 10.7 or later, a 2.0 GHz Intel Core 2 Duo or faster, 4 GB RAM and an available USB 2.0 port.