Cheapest effective way to capture game screenshots/video?

I know I can point a camcorder at the TV, but that stinks. What’s a very cheap capture method to get HD screenshots or video, not something expensive like the Twitch gamer crowd uses, any ideas or experience with this?

Screenshots can be captured via the developer page. If you’re getting tearing in the screenshot, break into the debugger before taking it, so the screen doesn’t refresh mid-screenshot. For video, there are no “cheap” options that I’m aware of. I’ve used a Slingbox in the past. Now I use an Elgato HD Game Capture.