I'm trying to convert some vhs footage so I can edit in final cut. I have roxio easy vhs to dvd which converts the footage to m peg 2. Is there a way to get this footage converted to a higher quality format? How do you get the highest quality footage possible from a vhs tape? Any advice you could give would be appreciated!
There's no way you can make VHS higher quality. The only thing you can do is avoid it getting worse. That would mean going to something close to uncompressed. On a Final Cut Pro system that might mean Apple ProResLT for example.
Going from VHS to MPEG2 to something else is really going to beat the heck out of it as MPEG2 (for typical DVD data rates) is just sending it through another round of mashing.
Most VHS decks have don't have component or even S-Video out. So you might be left with going Composite into a Blackmagic Intensity Pro or Matrox MXO2-LE and recording to ProResLT on the FCP system.