Yep, spot on. The rabbit hole I fell down that eventually led me to the RetroTINK started with those cheap $30 HDMI upscaling devices, but they do weird stuff to your picture and add wicked amounts of lag. People who know more than I do have assured me that the RetroTINK in particular minimizes lag compared to other analog-to-digital converters, although I'm sure it's not quite as good as a setup without a converter at all.

I can confirm that the picture quality is phenomenal though. You can tweak about a million different settings and even add fake scanlines!