I have a bunch of 8MM tapes that my father-in-law watches on his VCR with a Minolta cassette adaptor AD-2. Will this converter work with those?

YES. ANY input via RCA jacks works! That includes cable and other gadgets.My first project was running through a VHS tape. BE WARNED that you'll need to convert the finished video to whatever you want to burn it too, but as a video file, I recommend that you just save it to a drive. Some fast movement was not smooth, but the image quality is excellent overall. I am reconverting old home VHS with this!

Do you have to play the movie as it converts? does it take convert in high speed or does it take the full movie length time?

To answer your first question: Yes you have to play the movie as it converts otherwise if you fast forward it it might record you fast forwarding it. Unfortunately there's no work around on that. To answer your second question, no it doesn't convert in high speed unless you have a Solid State Drive and have 16 GB RAM or more then it might, but that's just an educated guess. Otherwise it depends on the length of the tape. The longest I had to record was 2 hours and 28 minutes. The shortest I had to record was 5 minutes. Also it depends on well taken care of and clean the tape is, I noticed the first time I did a tape it kept destabilizing after cleaning the tape it stabilized perfectly the conversion was very smooth.

What digital formats does it convert them to? .AVI, MP4, MOV, MPG, etc.... ?

The following are the video import formats; VCD, SVCD, DVD file, DVD DL file, Long DVD file, Long DVD DL file, WMV File, MPEG-1 File, MPEG-2 File.

What version of Honestech for PC does this package contain? 5.0, 5.0HD, 5.0 Deluxe, 7.0, 7.0 Deluxe or 8.0 Deluxe or?

This package includes the VHStoDVD 7.0 Plus (for PC) and Video Conversion for Mac. The only difference between the 7.0 Plus and 7.0 Deluxe is that the Plus version does not include the Blu-ray burning.