No need to use XSp*it.
I've been streaming PS3 play with OBS and an HDPVR2(as well as the old non-HDMI HDPVR) using ShowBiz or Total Media Extreme for what seems like ever now. Never used another program.
- Arcsoft Showbiz (Running on iGPU w/ Hardware Accel) -> 14.0MBPs CBR / 1280x720 @ 30FPS Downscale / 2 B Frames / 192k AAC @ 44.1k / Fullscreen Mode (1280x720)
- OBS (Running on GTX660) -> Output resolution: 1280x720 (Fit to screen) @ 30FPS / 96k AAC / Aero Disabled (Won't work with Aero enabled for some reason, ever.) / Global Window Capture of Showbiz (CaptureModule.exe) -> Capture Entire Window / Point Filtering on
Never had issues with that setup, and never had to use XSp*it.
If I had better uplink speeds, I'd be able to stream @ 720/60 no problem. Best I can do is 720/30 for slower paced games like The Last of Us and 540/30 on a good day for ME3 MP.
If anyone wants help with getting it working, send me a message. I don't log in here often, so at least I'll get an e-mail notification if someone needs help.
http://twitch.tv/jtrgaming for plenty of videos.