I recently switched from using the image acquistion toolbox to using an activeX module (activeDcam, delivered by A&B software.) For me this was a big relief.
In my expecience, the matlab image acquisition toolbox is very unstable when using IEEE1394 camera's. Besided that you are not able to many options, like the trigger mode options, or any other register setting.
Although I am an experienced Matlab user, I was not familiar with using activeX components. I found the activeDcam driver easy to setup (drag-n-drop in a figure window), very robust, works faster, requires less CPU load, is less expensive, opens up all the features of the camera.
As a bonus, the activeX-driver can easily be implemented in any programming environment, or just a Word document, web-browser etc.
I am sure the Pixelink camera's are all supported as well. It is just a suggestion.