That seems to be the common installation for two TVs. You would be able to record three shows at once if you have an OTA antenna installed. You could record two shows off the satellite tuners and one off the OTA antenna. The only real disadvantage I see with this set-up is that TV2 does not receive a true HD picture. It is downrezzed to SD. Also, TV2 does not receive stereo sound through the coax line used in a standard install.