Sure. First, I have three HTPCs. My first I still use is a 2 Ghz P4 Compaq EVO with a MIT ATSC/QAM tuner card. If a good movie is broadcast I can record it and remove the commercials with VideoReDo software. For details see: MyHTPC.
The second HTPC is a HP z560 dual core 3.0 GHz with a HD DVD/Blu-ray combo drive and nVIDIA GS 7600 video card with component outputs.
The third HTPC is a 3.4 Ghz hyperthread with a Hauppauge 1212 HD-PVR Video Capture device
that is connected through a component switch to either my U-verse DVR or the 2nd HTPC. I can record in 1080i either from the HTPC from HDM or from the DVR. The resulting recordings are at or better than broadcast HD. While not at HD DVD or Blu-ray level it is very good. The storage savings is well worth the slightly reduced picture quality.
The files from the 1212 are h.264 in a m2ts container at 9 mbps. The files from the ATSC card are mpeg2 in .tp containers.
I get a lot of older movies that are not available on HDM from HDNet Movies.
So to get a 2 hour movie on a 4.7 Gb disc, you must be re-encoding the files? Is that with AnyDVD also? My copy would only rip them.