Just Like Tivo?

[aerospot]

Forgive the redundance as I'm certain this has been hashed out here before but...
I would like to build a PC and incorporate into it large amounts of hard drive(s), 4 channel sound blaster, and a video card like the ATI All In Wonder.
I would then like to connect this to my current surround receiver, DVD Player & Mitsubishi 52" rear projector.

How does this idea stack up against the mighty Tivo?
Would I be miles ahead to just buy a Tivo?
How would video quality compare?
Is there another brand of video / tuner card?

Please help me to find other threads / posts that I can find information on this subject.
Also if there are resources via the internet that would give me a clue as to how things currently are in this arena.

I have pay cable channels that we never seem to get scheduled when they are on. I guess I should really just buy a good vcr and set the timer but I'm a tech-head at heart and would like to explore this angle on the concept.

Dave