iRecord uses H.264/AVC for video encoding and AAC for audio encoding. Music only recording is supported by MP3 audio compression.
The main difference from the iRecord device to the Neuros Sony PSP PVR is that it connects directly via USB to the portable devices. The Neuros stores videos on memory cards. Obviously the ultimate PVR for portable devices would support both direct USB connection and memory card reader.
The iRecord sells for $199.99 online on the iRecord site. Via MediaCenterPCWorld.