How to stream gameplays from PS3 to Ustream.TV using Blackmagic Intensity Pro

You will need:

Blackmagic Intensity Pro,
Flash Media Encoder,
PS 3 (Playstation 3),
Component cable for connecting PS3 to Intensity Pro,
RCA to mini-jack audio cable for connecting component cable to the input of your sound card.
PC with Windows

This will also work with Xbox 360.

How to stream gameplays from PS3 to Ustream.TV using Blackmagic Intensity Pro

Since PS3 uses HDMI with HDCP, you can't capture from HDMI. We will use a component cable instead.
Use a 2xRCA to stereo mini-jack audio cable for connecting audio from your PS3 to the input of your sound card.
Set up PS3 to output 720p video for recording HD videos with it. Note that Blackmagic Intensity Pro doesn't support 1080p. Also note that interlaced videos with fast actions can bring unpleasant artifacts, so we will be using progressive video instead.
Install the latest drivers for your Intensity Pro capture card.
Open Control Panel and select the Intensity item.
In the "Set Input" combo-box select "Y, R-Y, B-Y Video & Analog RCA Audio".
In the "Select Input Processing" combo-box choose "720p HD to SD Letterbox 16:9"
Hit the "Apply" button and the "Ok" button.
Launch "Media Express".
In Media Express go to "Edit" -> "Preferences". Under the "Capture Settings" select "HD 720p 60" in the "Video Format" combo-box.
Go to Ustream.TV and create your Show page. Then download your FME profile from your Show page.
Open Ustream.TV FME profile in Flash Media Encoder.
FME will show an error saying that the Video Bitrate or Frame Size is not supported. Discard this error and continue.
Use your Ustream.TV FME profile as a template, but change the Frame-rate onto 29.97 and the Input size onto 720x486.
You should now see your PS3 in the Input and Output windows.
Select the Input source for your audio in the FME. I used the Line-In of my sound card.
Hit the "Start" button.
Go to Ustream.TV and see your broadcast.