If you're going to edit, conventional wisdom (at the moment - will probably change as these things always do) is to capture in a lossless or low compression codec such as DV. This allows frame accurate editing without special plugins or software - it;s as if you captured directly from a DV camera.
On the other hand, you can caputure straight to MPEG2 in real time using a dedicated capture card. You can then use these MPEG2 files in authoring your DVD, saving time transcoding from DV to MPEG2 then authoring the DVD.
Moreover, as soon as you edit MPEG, you'll need to re-encode the whole file. As MPEG is a lossy codec, you will get a degredation in quality. However, someone did post a link in the "pimp the link" section suggesting software that cuts and merges without re-encoding.
On balance, from what you say, I suggest you go for something like the ADVC-100.
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