It's almost certainly a GBS-8220.
The video quality on those varies quite a bit depending on your output device. It looks good on a quality CRT.
LCDs are tougher, some look great, some not so much, depending on the scaler in the LCD controller.
Essentially, we're taking an analog signal, sampling it, manipulating it, converting it back to analog in the GBS-8220, then repeating the process in the LCD.
I'm not super excited about this particular design.
As amiman99 noted, it is drawing far too much power from the joystick port.
However, Goochman bought one and last I heard he was happy with it.
Because it is a decent all in one solution, I'm working up a version with a proper power supply, a nice case and a built in mono/color switcher.
Alas, it won't be cheap, at least $100, probably more. My prototype is almost complete, I post some pictures when it is done.