Hey, did some research for you and for 35 quid I don't know a barebones way to do it and get HD quality for via HDMI.
Prices below were taken from Amazon.co.uk
The best option preferred by almost everyone is the Elgato Game Capture HD, High Definition Game Recorder for £135.60.
Next best option is Hauppauge HD PVR 2 Gaming Edition HDMI Capture Device (PS3/Xbox) for £116
The next step below that is the Roxio Game Capture HD Standard (£80) and Pro (£130)
