Don't use splitters, they lessen the quality from what I've heard. If you want a cable for the PS3 to capture, then check out this cord You must login or register to view this content.
I recently bought that cord off of amazon so now I'm just waiting to get it in the mail. My quality for my videos of my dazzle is actually suprisingly good, I tested my quality, but I had to record off my PC and I got good quality, I'll try posting the link to my quality once the site I uploaded to starts working lol.

if you spend so much money on it, i really think you want good quality..
if you have windows XP you should get a dazzle video creator platinum, with Av/s cables