I was going to mention, yes; for watching TV live while the iView is recording, you can use loop-through (except the newest boxes with the channel 3/4 switch, apparently), but it might be better to go with a splitter anyway. Don't know about the iView specifically, but the Homeworx distorts the looped-through output enough that weaker stations can be unwatchable after passing through.
If you want to record two stations at once, your cheapest option is probably an iView and one of the clones (Homeworx, VT-163, etc.), as long as they use different remotes so you can control each one separately. I know the iView and Homeworx remotes don't interfere with each other, and as a bonus they are probably the two best-supported models.