The Best VHS Capture System Using Free Software?

mrcgran asks: "I have been trying to find the best solution to transfer VHS tapes to a digital format using Free Software only. I would like to lose as little as possible in the conversion, sampling optimally, minimizing noise and being in control of every step of the process. Storage is not a problem. I'm expecting to use around 5GB+ for each hour of raw captured footage." If you were going to build a VHS capture system using Free Software, how would you do it?