Cutting the cable, lets talk options and media setups

Eeyore said
On sale SiliconDust HDHR4-2US HDHomeRun Connect 2-Tuner ATSC DLNA/UPnP Compatible Streaming Media Player - Newegg.com

That's a bit confusing
It's saying "cut the cable" but it seems like it's only picking up local TV signals and allowing you to play it on any device
Am I missing something?