I had a problem connecting with my LGP BenQ monitor did did not have a HDMI port. The Avermedia support team was very helpfull, They even sent me a HDMI-DVI cable to test the connection. It did not work, but Because of the Quality of Their support I did not send the product back. I purchased a new monitor with a HDMI port and it worked the first time!
I still havea problem with the sound as I am using a wireless headset Sony (the sound is not outputed to the LPG), but I am still trying to make it work correctly.
I have it connected all the time in PC-free mode and There Is No lay or delay (at least not one I can notice) When I want to record I just press one button! It is so easy! You have to remmeber to have enough space on the SD card. I have 16GB, but now I regret I did not take 32 or even 64. When I play Battlefield 3, 30 minutes of gameplay takes +/- 2Gb (and I am not recording with the higher frame rate). 16Gb is just enough for 2-3 hours of playing.
I recomend this product if you have a HDMI port availalble on your monitor / TV. For DVI is better to wait till They clarify Which monitors are compatible.