Since I wanted to test out Elgato's feature that lets you record a local recording while you're streaming at higher quality, I attacked the Soulcalibur V players match rooms on PSN.
The results are promising though the catch is you have to use Elgato's software and not X Split etc since the program's using the hardware encoder on the Elgato card. (The HD60, The HD60 Pro and the first Game Caputre HD can do it since they have the encoder. The HD60S cannot.)
Soulcalibur V is copyrighted by Bandai Namco Entertainment.