Tweet
This is an awesome idea! Assuming it isn't destroyed by litigation. It goes out and records online programming from the likes of Hulu, broadcaster websites, etc. to your hard drive. You can then play them back locally with DVR like functionality.
Basically turning your HTPC into a cable/satellite like box. $5/month for PlayOn PlayLater Premium + $8/month for Netflix + $8/month for Hulu Plus = $21/month. My satellite costs $80/month, or about $60/month in savings.
Cost of a good HTPC is about $800-$1000 (home built, includes OTA HDTV tuner and antenna). At $60/month your return on investment is reached at 13-17 months, but a good HTPC can last for 3-5 years giving you [me] a savings of $1140-$5000, assuming the discount scales accordingly over time. I can foresee my satellite contract not getting renewed next year.
EDIT: They are preventing litigation by DRM locking content to a single system. You can still stream the media across your home network via DLNA enabled devices (game consoles, media extenders, etc.) though.