If I get the Harmony 550 will I be limited to only one "Play DVD" activity? We have two DVD players - one is Clearplay DVD for the kids and the other one is a combo/recorder that gets majority of the play. Can I set up separate activities for each one and give them custom names like "Play Clearplay DVD" and "Play main DVD" or something like that? Would I have a third activity for the VCR portion of the combo drive?

Yes, you can have multiple "Watch DVD" activities and rename them to whatever you'd like.