Capturing video is not a modern thing, it is a 2000's task, so there is nothing outdated about the whole process, It is just DV and MPEG-2 are lossy formats and since modern hardware allows for higher bandwidth processing, capturing and encoding in real time is no longer needed, Capture first at high quality, then process later in high quality at a much lower frame rate than real time frame rate.
Short answer: It's way easier to just grab a firewire cam that plays analog and capture DV. You don't really need any gear. If you're not going for some kind of archival process then it's your fastest route to decent results.
I personally do both. I capture analog 8mm via s-video and full process with TBC to lossless. The older CCD cams work better most of the time for this. Then I do a second pass via a D8 cam and firewire to DV for a second copy.