This device plus antenna input for over-the-air local HD channels combined with simple dvr functionality would be the ultimate cord-cutting device.
Edit: the really interesting part is that when searching for "DVR" in electronics, the first result is this device.
http://www.amazon.com/s/ref=nb_sb_noss?url=search-alias%3Del...
http://en.wikipedia.org/wiki/YouView
in North America would be great.