I'd love to Mr. Showtime.
Here's basically what mine does.
I've got the TiVo series 2, 80 hr model. Basically, it can hold up to 80 hours of programming. I've got it hooked up to my DirecTV receiver.
When you are watching live TV, you can pause it, rewind it, slow motion, instant replay. I've just been playing around with those today as I just got the system put in today and put into place.
Along with those things, you can set it to record programming that's on when you are not home. For example, when the Sox play tomorrow night, I'm going to set it to record the game and when I get home, I'll be able to start it from the beginning and watch it all the way through. If I only get home 10 mins after it starts, I can start it from the beginning until it reaches live TV and watch it from there. It also has a season pass feature that records every episose of whatver show you tell it to. For example, every episode of Friends that's on my dish would be recorded if I selected a season pass for Friends.
The service is 12.95 a month or you can pay $300 for a lifetime subscription of your box. The prices range from $250 to $350, depending on how much you'd like to be able to store on the TiVo.
There ya go. I'd recommend it to anyone, my uncle was the one who got me into it as I used it at his house several times and had to get one on my own.