I've said it a few times now - Media Center Edition is the way to go
It does sound tempting what with the little I know about it. However, that would involve buying a computer with the appropriate hardware.
I'm not buying Sky and paying an extra 10 quid/month for the ability to record stuff. That's 120 a year when a VCR is 30 quid.
Stuff paying to record stuff - paid £350 for the PVR when it first came out £80 for a 100GB drive last year, 55 hours of recording time.
PVRs start just over £100 now
Or just use your old naff 2.4 P4 as an MCE (about £50 for OEM copy of XP MCE), stick in a 500Gb HDD and some freeview tuners. And it has the advantage it can play most sources, slideshow pictures etc, all without messing about.
Any recomendations TB??
If you want to use S3 standby, stay away from USB based tuners - including the Hauppauge Nova T 500 PCI dual tuner like I use (these PCI cards actually have a PCI-USB bridge, and the 2 tuners are actually USB devices).
The Hauppauge Nova T (single tuner) works well for me, and copes with standby better.
MCE by default only supports 2 tuners. More than 2 needs a little bit of registry hacking.