I just got mine last week.
It can record 2 channels and you can watch/timeshift a 3rd.
What you record and watch all at once will depend on the LNB/Sats you are pointing at.
With one LNB you are limited to 1 transponder, with 2+ LNB's you can record 2 seperate channels of seperate transponders and the live channel watched will need to be of either recording transponder.
Timeshift is I think an hour, not tested this yet.
Picture Quality is great.
The looks are great.
VFD display is great.
FTP is great and works really fast.
Doesn't like some of my DivX movies.
Web based control is just plain slow, note sure if it's because I'm running Windows 7, but both IE8 and Firefox 3.5.1 are really just to slow to use.
Mine keeps turning off/on every 45min or so.
With lid off this doesn't happen as much.
I've placed a fan over the controller chip Hearsink, I don't think it's this causing the issue.
Now have another fan on the power supply section of the unit.
The remote is one of the best feeling ones I've tried BUT the unit is not very responsive, and scrolling can be tedious.
Overall a good machine, better get the turn off/on issue sorted or I'll be very annoyed.
I bought mine in the US and live in NZ so warranty might be awkward.
Have just edited TDT Enigma 0.40 Satellite XML for the NZ satellites.
So hope to give this ago, looks good (had a play with 0.32 but had no satellites near to choose from)