PMP (in TV mode) doesn’t have Live TV or DVR yet, sadly. But on a modern PC using ethernet, PMP direct-plays HD MPEG2 natively, as fast as any other direct-play video, and there are options in PMP for hardware acceleration and deinterlacing. I haven’t heard the wife complain once. Except that Live TV and DVR aren’t available yet.
PMP in web mode does have DVR and Live TV I believe.