yeah, you can also use most programs free/ and also most cheap editing suites have them also,
just not as much functionality,
some also give you a choice how to encode,
you can do wmv mpeg2, mpeg4 divx so the captred files would be smaller(your computer would encode them on the fly)
try out the freeware programs out there some that you have already in the capture portion of your editing software,
if you feel you need all the adjustments and things that dvrack offers go for it, but remember unless you are recording to the hard drive, the adjustems you make only affect that footage not the tape that would be being recorded,
your better off using the laptop as an external monitor for the most part(cheap-free, just the appropriate firewater cable that you probably have already) and make all the adjustments on the cam(also for certain things no LCD will be as good as a plain Jane black and white CRT)