Your reading it correct, I pulled the trigger and purchased the EyeTc Hybraid from Elgato. It is basically a tivo-ish item for the mac. I can record TV shows on my mac and watch them when ever I want. I can easily transfer them to my iTunes and thuslly my apple TV to watch on the tv.
While the quality is not perfect, I now get to watch all the shows I miss because Renee is watching TV. Another shitty thing is that I have to edit out the commercials. While it is not a huge deal, it is another step. What is really nice is that this thing finds my HD channels!
Pretty cool stuff. I HIGHLY recommened it!