It can use almost any hardware that has a capture driver (VFW, WDM, or DirectShow).  You can capture to different resolutions, framerates, and color spaces.  Multi-segmented capture (to more than one file) permits captures greater than 4GB, and permits captures to span multiple partitions.  Filters can be applied during capture.  Stop conditions may be configured based on time, file length, or disk space remaining.  There's also a screen-capture option, which is great for creating tutorials and the like.

And basically, it works better with my craptacular old ATI tv-tuner card than any other software I've ever tried, including ATI's own.