That's right. However, 2 things:
1. The Philips 3575/76 haven't been available new for many years so I assume you're talking about getting a used unit? If so, there are newer models still being sold at Walmart online and other sellers. There are 3 models: 533, 535, 537, each with larger HDD being the only diff. Here's the 533 at Walmart.
There's also a high-def Philips out now (without DVD burner and doesn't record analog channels, just tunes them).
2. Make sure you check your Cablevision feed to see if you're one of those receiving all-acrambled channels. I believe they got the OK for NY City, not sure how far they carried that to other areas of their coverage around NYC.
If you have a HDTV with analog and digital tuners. connect the cable directly to it and scan for channels. That'll tell you what you'll be able to tune with a recorder.