I hooked this machine up tonight to see if it would work, it does but the playback is in B&W with brief flashes of color.
The source is a DVD player, hooked it to the Video in and Audio in, there's also a connector labeled Color In so I don't know if it has to have a seperate connection for Chroma?
The video passes through the machine in color while recording but the playback is in B&W so I don't know if there's an issue with the recorder or if I'm just not doing it right.
Made a video and posted it on my site, it has a short clip of music so I didn't want YouTube yanking it.
This is 30 Mb:
http://vintagetvsets.com/videos/IVC700.wmv
the first ten seconds are in color, that's the recording phase, then I rewind the machine and it starts playback at 15 seconds.