One of the main plus' about the Black Magic is that you can run HDMI in and out meaning you don't need an expensive hdmi splitter and there is no reduction of quality. There is already a tutorial on how to broadcast using component HERE,
First off, make sure you have the latest drivers by visiting the Black Magic Website
Then go to control panel, black magic control Panel
Now here is where my tutorial differs from the component one. Instead of selecting processing to reduce the image size, you leave it off as seen in the image.
Now download and Install vhmulticam Studios (the creator is releasing a new program soon and has removed vhmulticam from his website so i uploaded it with the transition pack)
You will not be using VHSCRCAP, but a secondary program that comes with it, VH Multi Camera Studio.
Click view and change resolution to 1280x720 then frame rate to 29.97
click file and add camera, choose Decklink Video Capture and then stretch it to fit the screen
If you also want to add a webcam like i do to the cast, just click add camera and choose what you want, you can add images etc.
I use FMLE 3.0 since 2.5 didn't like my sound card, but both cast the video just fine.
i use main profile h.264 level 3.1 and key frame frequency 3 seconds
here you can change the output size etc, i choose to reduce it to 960x540, which is unnoticeable in normal screen, since the window itself is only 580x360 and it reduced the bitrate from about 1200 to 800 which is a lot better if you want the most amount of people to be able to watch.
Now here comes the tricky part, you realize that fme is unable to access the audio from the hdmi cable, what do you do? if you have a ps3, plus in your composite cable and use a rca to 3.5mm adapter to convert the red white stereo channels to you computer's mic in. You can put a mixer in here which could change the type of adapter you need.
If you have a 360, its a little more complicated. Luckily, when I bought my elite some 3 years ago, Microsoft actually cared about its customers and included hdmi cable and analog audio adapter. You will need this analog audio adapter to capture the audio the same way for the ps3, just plug rca cables into it and your good.
Now if you tried to buy this cable from a store or from xbox.com, they will charge you a ridiculous price for an hdmi cable that you can get online for $2
Xbox.com | Accessories - Xbox 360 HDMI Cable
They want $50
Ebay on the other hand...
xbox 360 audio adapter, great deals on Video Games, New on eBay!
MUCH Cheaper, usually $9 with free shipping
Now just set your FME to use your mic in and your good to go.
If you need any help, you can contact me here, on hotbloodedgaming.com and at my cast, justin.tv/msgtgunny
I have recently changed my settings. I came to realize that a full 720p cast at 1500 bitrate looked much worse in the normal window than a 360p cast at 1100, so i have switched to 640x360, which happens to be the size of jtv's view window.
I also recommend if you cast with an sd card, set it to 480x360 at the same bitrate which will reduce pixelation and actually make the cast look better as long as you don't inspect fullscreen mode too closely