How can I capture/convert HDMI from an HDCP protected input? Basically the situation is I have a PS3 and I want to be able to split a lossless HDMI connection to my TV and something to a capture card. Using an HDMI splitter I can connect to the TV just fine but my capture card does not read HDCP.

I could use a component splitter but that would prevent me from being able to use HDMI quality video/audio on the TV, and not using HDMI as the source means my setup is more complicated; I have other sources (like my Wii U) where I have to use HDMI.

How how can I record from this HDCP HDMI in? I can take HDMI without HDCP or component video, but my searches have been unable to find to find something that either converts HDMI (with HDCP) to component or takes HDMI and spits out something non-HDCP devices can read.

For the record I know of one device that does this: The HDFury4/3. However, the HDFury3 is about $150 above what I'm currently willing to pay, I'm just looking for something barebones. I have seen numerous other devices claiming to do things like convert HDMI to component but they either have multiple 1 star reviews saying "this doesn't work at all" or they have no reviews at all. I'd rather be reasonably confidence before purchasing something like this since it seems like there are a lot of solutions which simply don't do what I need them to.
You would need a device that supports HDCP if your output source is utilizing it.  That's the entire point of the system.  The video signal is encrypted and will only exchange the data with a device which can cryptographically authenticate itself as an authorized HDCP receiver. Getting that certificate requires proving that they are going to follow the rules on what can and can't be done with the content (such as not allowing it to be recorded.)

Occasionally codes are cracked, but these codes are then removed from the valid list of codes in future products and they won't work on newer material until another code is broken.  It is also worth pointing out that (unfortunately), if you live in the US at least, such bypassing is illegal in the United States according to the DMCA which specifically prevents bypassing protective measures even if the use would be fair use.

It looks like it may also be possible to connect the PS3 to a non-HDCP device, which would prevent it from using HDCP.  If that is the case, then if you could find a device that isn't HDCP compatible or that can strip the HDCP information, then you could get an unprotected stream and do an end run around DMCA limitations.  You may have to do a soft-reset of the PS3 to get it to recognize a non-HDCP TV if it was previously attached to an HDCP one however since it starts up in the same mode it was in for the previous display.