I prefer Picvideo MJPeg quality 19 setting for the initial capture, but yes it is around 9gb/hr given a clean satellite signal at 640x480 and uncompressed audio. On my P4 1.4 I see about a 40-50% cpu utilization with no dropped frames during capture.
If you've got the harddrive space I'm sure that huffyuv would be preferrable since it's lossless... never used it though.
If I want to remove commercials I edit them out using Virtual Dub and it's directstream capture.
For recompression I get the best quality using Microsofts Windows Media 8 Encoding Utility with the Windows Media 8 Encoder GUI. 100% quality based encoding w 1 pass vbr, I use the inverse telecine processor on movies. It takes about 3 hours to encode an hour of video and when you play back the movie it takes a significant amount of cpu... approx 70% of my p4, I've heard you need at least a 1ghz to play a wmv8 file. Resulting files are approx 1.5gb/hr.