Exactly. I don't have cable, haven't had cable in oh so many years. I have two BUDs in my back yard. So my PeeCee has the MyHD card for recording OTA HD channels that I can't get in HD via C-Band satellite. While the OTA HD video is severly limited in the bitrate (so is cable), the few HD channels I can get via C-Band can run from 30-40 Mbps. Being able to keep those and being able to transfer them to the HiDef DVD format that wins (damn hi-def DVD war), definately beats placing them onto a PVR in which you don't have direct access to the MPEG recording.
Also, as pointed out, editing out the commericals at video frame boundaries is a great plus.
I should have done this sooner.