I've been researching this myself (Google is GOD). While I am a GS member, I don't come here since I'm a PS3 owner but my Google search had a link here. Here's what I've found out. The only product that I've found that could be "acceptable" is the Adaptec 1400 or 1410. This is a USB product designed specifically for allowing you to play a console game via your laptop's USB port.
From what I've read, most (maybe all) other PVRs that do this have a small delay because of their processing of the video signal. The 1410 doesn't have this delay but it may drop a few frames which could throw off your timing in twitch heavy games. Since it's a USB port it also doesn't use the full resolution of your monitor. I think the highest it does is 480i if you use the S-video connector.
The other thing you should know is that this is a discontinued product, so it must not have sold well. On the plus side this means that it should be cheap as dirt to buy. On the minus side, you'll get no support from Adaptec if you have problems. You might also have a problem returning it if it doesn't work (or work well).
It sounds that the best option might be to just buy a LCD monitor with the correct inputs on it. Thats what I read on one thread in NotebookReview.com. I'm trying to figure out if I want to go that route. Seems like such a waste with my high power laptop sitting there.
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