Apple - Best way to import analog video (VHS) to Mac
If you have an older DV video camera such as a Sony DCR-HC96, you can plug the VCR directly into the camera, which will convert the analog signal to a digital signal. The camera will output the video via Firewire, which will be recognizable by iMovie or FCE. This is my preferred option, because I have this camera and it works great.
Another option is something like what Chris Breen has talked about on his Macworld video. He recommends Roxio's Easy VHS to DVD
and Elgato's Video Capture (some similar products)
I don't know how well it works, since I haven't tried it myself.
Yet another option would be to use a DVD recorder with RCA inputs to play the VHS to a DVD.
Once you've burned a DVD of the VHS tape, then you can use conversion software, such as Handbrake to convert the DVD to a usable format. I would also recommend this, since I've done this before, although I prefer the first method, since it is faster.
Thanks to Jason Shipps I decided to try going with a cheap analog to digital converter cable called the EasyCap DC60. For less than $10 it was worth a try and has worked pretty well so far.
The reviews are mixed since a lot of people have had a hard time getting it configured correctly. You will need the right software to record the video. You will need the EasyCapViewer app installed in order to record the video. Make sure you get a genuine DC60 and not a DC60+ since it will determine your software support. There's a list of supported devices on the EasyCapViewer website.
Obviously, you get what you pay for, but if you want a cheap way to convert analog video, then this is worth a try.