Thanks to Glen Davis, via Mel Ming, for this tip:
Check out the service and more importantly, the downloadable program, at http://vixy.net/. This is a one-step capture and/or convert process for YouTube and other web videos - basically converts from .flv to a number of formats (.mp4 for iPod etc., .avi for general PC use, .mov for general Mac use) or simply capture the .flv file.
Now for the caveats: the online service to do it didn't work when I tried it - simply never was able to contact the server. Could be all sorts of things, and you may have a different result. However, the great news is that there's a downloadable program (still in beta format) which is currently free, is available for Mac as well as PC, and it worked brilliantly, couldn't be simpler, and gave terrific results. This is a must have - check it out!