BTW: That elgato product mentioned above "Video Capture" - I have that and from my experience, it works quite well.
There's not really much in the way of user settings, but it definitely encodes painlessly to iPad/Apple friendly formats.
Another method is using a video to firewire bridge. The Grass Valley (or Canopus) ADVC 110 is one of these. It also does the job and goes directly to DV format so you can import directly into iMovie to edit and then encode the video to your final format. It is at least 2x the cost of the elgato solution.
Paying someone to do the job might be worthwhile for one tape, but remember, you can import in real-time only. If you have 10 hours of video, it is going to take 10 hours at least to encode everything. If budget is the driving factor, the elgato is around $100-120 and can always be useful to have around in the future. The Canopus is even better but more expensive ($250) but it also has the ability to ignore signal corruption like Macrovision. You can also hook up a DV Camera to the Canopus and use it as a really high quality webcam in Flash Media Encoder and Quicktime Broadcaster.