A very very interesting idea... If this does work well, I'm all for it. Apple's great (read easy to break) DRM plus their business acumen in dealing with the media companies could make this very very useful...

Mac DVR on Cards?: "

Jonathan Greene: ‘Helixent can’t say why it’s gone but many a bird are whispering of another SoundJam into iTunes maneuver by Apple. This would certainly fill the iApp box when connected with a box to capture and record from a variety of sources. iFlicks had Netflix integration as well which may also add the addition of a download service in the same manner as Tivo plans.’

"

(Via Om Malik on Broadband.)