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From what we can tell, it's basically a PC-based DVR (running on XP Home, rather than Media Center) that ships with a base unit and two remote boxes that can be connected via Ethernet.
ENGADGET: DigitalDeck networked DVR
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While we can imagine the list of restrictions on this streaming gig are quite lengthy, the company has stated that it will support "DVR-to-PC connectivity, " thus enabling DVR viewing on a networked PC, though there's no mention of supporting wirelessly connected computers a la Slingbox.
ENGADGET: Verizon to offer "Home Media DVR" to FiOS customers
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Just in time for those immensely popular MLB playoffs and NFL kickoffs, ATI is dropping a new OTA HDTV tuner card that it apparently hopes will catch the eye of those who have been fence-sitting the issue of making a high definition DVR out of their PC.
ENGADGET: ATI releases TV Wonder 650 OTA HDTV tuner card