Actually if you visit the HDDVD or BD forums on this site, you will find people have been doing that for the last two and half years.
Hauppauge doesn't seem to archive the HD TV shows in their native formats, which are usually in MPEG2. I think the transcoding to H264 may result in PQ loss, not to mention the difficulty of cutting and editting with H264 content, as few software out there supports that.