I have the ElGato and love it, chose it over the Happauge for the reason you stated, too many bad reviews really.
With the ElGato, you only have the usb cord, the hdmi in/out, thats it, the packaging comes with 1 hdmi cord.
The software you have to d/l from a site, its not a big file. It has the option to go back in time and record something that already happened, on my
PC, the farthest I have been able to go back is about an hour. Cool feature. The editor in the software is pretty basic, but doable none the less.
Software also has upload ability straight to YT and also has built in streaming for Twitch.tv, very easy to set that up and get going.
File size, for about an hour worth of 720p recording its about 7gbs, 15mins about 2gbs, 1.5mins = 180mbs. The software shows the mb/min though while