If I was choosing Id go for the Elgato, its a smaller system and the quality of the videos are just as good if not better. Do some research on the specs of both systems for personal purposes tho.

Go with an Elgato. You can live stream straight from it. You can hook it up with an HDMI cable rather than component cables with splitters. And you can rewind game play rather than having to save it all. That part is what gets me the most over the PVR. With the PVR, you have to record all your game play in case you hit a solid feed or trickshot where with the Elgato as long as you have the recording program open, you can rewind without having to actually save the WHOLE game play, you can take individual clips from the whole video. Much easier and space conservative.

Elgato because easier to use PVR is shocking!