The iRecord Personal Media Recorder (White) by Streaming Networks is a portable media recorder for portable USB storage devices, iPods and PSPs. Just connect the video source to the S-video or composite video connections, plug in the USB device and hit record and the media will be recorded to your device.
The iRecord's H.264/AVC and AAC encoding will give about 3 hours of A/V recording time on just 1GB of storage space.