Thumbs up for the Dvico, I got a fairly pricey one a while back but there's no problems and the HD is top notch. I used it to record most of the big games in the last FIFA World Cup. There's a cheap Australian made one that I've also used at
www.digitalnow.com.au which for the price and the bonus of having local support are ddecent. But not as polished as the top of the range Dvico...
When you get one do a bit of searching, the dtvforum sites mentioned below was great, and get a program called WebScheduler running, which enables you to schedule recording and add command line parameters to shut down after etc.
I had mine configured to wake up from hibernation, record then shutdown if no other shows were coming up or go back to hibernation if there was more coming up.
Record it straight as an mpeg and use a program called Cuttermaran to cut out your adverts.
Then simply plug the edited mpeg into another program called Auto Gordian Knot (AutoGK) which automates the process of resizing and encoding to divx.
It sounds difficult and believe me I spent hours of researching forums and working out the programs but once it's done it's all gravy. It's even easier if there's no ads to cut out because you can commandline through WebScheduler to AutoGK it straight up then shutdown so you have a divx all done when you have finished recording.
SBS shows were fantastic for this until the greedy bastards decided to stick ads in their shows just like the other bloody channels!