http://web.archive.org/web/20000208094505/http://www.iev.com/products.htm
What this basically does is take an interlaced video input and converts it to progressive (they use the term IDTV - Improved Definition Television, not to be confused with the current usage of that acronym to mean integrated digital television). The progressive signal is output as RGB through VGA or BNC connectors, for connection to a monitor, projector or other progressive display.
I can't see it would be much use for capturing, because your All-in-Wonder card doesn't have an RGB input.