I just ran across this software today:
http://www.mitzpettel.com/software/vidi.html
It works pretty well for a 0.2ish version, and comparing it to the Formac software, this is GREAT! The interface is much more standard than Formac's off-the-wall, customized interface. Although it lacks some of the codec features, it performs great! I did notice a few video issues (blocks), but they went away when I changed channels.
As for recording, I was completely shocked when I started recording: the video and audio continued to play flawlessly. Formac's software would not play video while recording. I only recorded about 30 seconds worth, so I'm not sure how it might hold up under longer conditions (I'll test it soon). The only odd thing was the recorded file was set to 720x480, not accounting for the square pixels of NTSC format, so one would have to alter the QT file to 640x480 to correct the proportions.
I was hoping someone would come out with an alternative to Formac's crappy software. This is wonderful! I hope it's development continues.