kshcsuf has announced a new uncompressed YUV 4:2:2 capture app for the O2. The app is said to capture real-time 640x480 YUV 4:2:2 uncompressed even using older/slower disks.

More information, discussion and download links for pjcap can be found in this forum thread. Give it a try and let kshcsuf know how it works out!