The PVR 250 produces MPEG-2 interlaced video with MPEG1/Level2 compressed audio (sometimes called MP2 aufio). Most editors can import this sort of file. Since your input is analog, presumably from tape, the quality should be fine. I've always found it so. The PVR-250 does come with a simple 'cuts only' editor that allows cutting out unwanted bits. I can't recommend it for anything serious.

Of course a good mini-DV camera will produce higher quality video. My dinky Panasonic GS9 beats the pants off my Canon A70. But I can only see that when I use my PC to view the recordings. Played back on my TV, they look identical.

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Fav quote - "Experience is whatcha don't get 'till ya don't need it no more."

System - Athlon 1.4GHz, Win98, Hauppauge PVR250 receiver and compressor.
Software -Magix Movie Edit Pro 10, Nero 6 + NeroVision Express, Moho 4.61, PSP 8.1, Bryce, Quicktime 6.52 pro, Goldwave 5, DVD-Lab.
Cameras - Panasonic GS9, Canon ES8400V, Canon EOS D20 and Canon A70