PIP is one of the reasons I just ordered an HR34. I will use PIP several times a week. As soon as its installed, I'll use it to monitor NHL games while watching my teams game. Or if my team is down by a 2 or 3 goals, swap and watch something else. Then use the PIP to keep an eye on the game. If they start to make a come back, I swap back to the game. When the NFL season starts, I'll use it to watch my teams game and monitor other games.
Just wish the remote had buttons for PIP on/off, swap, move, etc. And discrete codes that I could use in my Harmony an AR remotes. Similar to the capabilities that both my flat screens have now. Will have to use macros instead, which are more cumbersome.