The more I use the turbo.264 HD the more I wonder how I coped before I got it. The speed at which it encodes EyeTV recordings is impressive. So fast that when I check, more often then not I find it has finished.
Another feature that I like is how it encodes video for the iPhone EyeTV application for live TV. The Elgato EyeTV application for the iPhone as well as accessing recordings from your Mac, will also allow you to watch live TV on your iPhone. When you have the turbo.264 HD is attached to the Mac, it does the encoding, so ensures that buffering is reduced and quality maintained.
I am still impressed with the turbo.264 HD and recommend it.
Update: the Mac App Store has the Turbo.264 HD software that works without the dongle, of course it is slower.