what is the best video capture card under $400?

[Zubin Dittia <zubin@xxxxxxxxxxxxxxxx>]

I am looking to move my entire VHS tape collection onto a hard disk and
allowing playback using a card with TV-out.  I'm willing to spend upto
$400 for the video capture stuff.  I've spent a lot of time researching
the topic of which Linux-supported video capture card would be a good
choice, but haven't come up with any clear winner, and hoping folks on
this list can help.

Some of my requirements:
  Target PC is a P4 1.2 GHz, 80 GB IDE disk drive
  Need very good quality recording - full NTSC resolution 30f/s
     (playback to TV should be as good as a good vhs-to-vhs copy)
  Willing to do post-processing to reduce file size (I'm thinking
      ~1.5 GBytes per 2hr movie compressed; with my $150 80 GB drive,
      I'll be able to store ~50 movies, which translates to $3/movie
      storage cost.

Desirables:
   5.1 channel surround sound (recognize that this may cost more, and
      may take more disk space)

Given these needs, I'm looking for a video capture solution (hardware +
software) that works well under Linux.  Any suggestions would be much
appreciated.

Thanks,
-Zubin