Quality is of course dependant upon the cable signal. So if you've got static comming in from the cable company you're gonna have static on your recording. Unless you get an HDTV compatible PVR card and HDTV piped from the cable company, you're not going to get "DVD Quality" recordings.
I love my PVR-250 and the recording/watching quality is as good if not better then my other TV's in the house. It will generate a bit more heat in your computer though, mine seems to run a bit hot so I keep it a slot away from my other cards to provide better airflow in the case.
PCT - As to your second question, of course you can. Also, if you buy 2 PVR cards you can record 2 shows at once on the same PC or watch one while you record another. You just need a program that will control the whole thing. BeyondTV accually supports 4 (maybe more) cards in one PC. That way you could record 3 shows while you watch another... talk about addiction.
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