I have a Canon z850 plugged in via firewire and am running the following command to stream, show on screen and record to ogg
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dvgrab - | vlc - --demux rawdv --sout '#duplicate{dst=display,dst="transcode{vcodec=theo,acodec=vorb,vb=800,ab=128}:standard{access=http,mux=ogg,dst=:8080}",dst="transcode{vcodec=theo,acodec=vorb,vb=1500,ab=256}:standard{access=file,mux=ogg,dst=/tmp/camerasave.ogg}"}'
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dvgrab - | vlc - --demux rawdv --sout '#transcode{vcodec=theo,acodec=vorb,vb=800,ab=128}:standard{access=file,mux=ogg,dst=/tmp/camerasave.ogg}'