Easiest and cost effective way to bringing VHS and Hi-8 video into iMovie?

I have family videos on VHS and Hi-8 camera that I'd like to archive for iMovie making in the future. Can someone please suggest some hardware and/or software that I'd need to buy/use to achieve this? Thanks in advance!!!
James

I am converting 20 year old family VHS tapes to work on iMovie 08.
I am using a plain old VCR with RCA jack output. (but it would also work with a coax connection).
It connects to a device called the EyeTV Hybrid. The EyeTV Hybrid is marketed as a way to watch and record over-the-air HD TV through your Mac, but it also does a great job on importing VHS. I would only recommend EyeTV hybrid on Intel Macs or higher. For a G5, you may need the more expensive EyeTV product that offloads some of the processing from the computer. I got the EyeTV Hybrid from Amazon, after reading many reviews there, and learning about its existence from an Apple store employee who had one for her own use.
From the EyeTV Hybrid software, which imports the VHS to my firewire drive as an MPEG-2 file, I can export to a DV file. This file can be imported into iMovie 08. I recommend splitting your clips into events using the EyeTV software before importing, because it is difficult to split clips that came from analog once they are in iMovie 08.
It does a great job, and with a $30 antenna, I can also watch TV on my Mac.
Also, I plan to archive my unedited VHS tapes onto DVD using Toast 8 Titanium. The EyeTV software will export the MPEG 2 files to Toast directly.

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