Sorry for missing this thread.
As with all other USB 2.0 devices that support HD resolutions, the AVerMedia Live Gamer Portable outputs h.264-encoded video in order to fit the data through the limited bandwidth of USB 2.0.
Cards that output compressed video are currently not supported, and while it is planned, I can't really give you an ETA for when such support will be available. For the moment, you will have to use some sort of software capture (monitor capture in Windows 8, monitor/window capture in Windows 7 with Aero disabled) with Recenter or something similar running and displaying the output from the card.