Yes.. if u want it to run well.. u'll need at least a 2ghz pc. But if u do have the hardware, it is very nice and very easy to use. The only drawback for me is there's no easy way to convert the saved recorded files to Mpeg2 files.
I run it. It's from my MSDN subscription.
You positively need at least 512mb of ram to have any PVR functionality, otherwise it'll freeze. It runs fairly well on my system, but changing channels is slow (I think this may be because i have a slower proc).
Here's my hardware:
Chaintech 7NIF2
Athalon XP 1700+
Shuttle 200W SFF power supply
768mb PC2700 w/32mn dedicated to the onboard GeForce 4
160gd/7200 rpm/8mb cache WD HD
Pioneer 16x slot loading dvd
Phillips Windows MCE remote
Hauppuage PVR-350
SB Live!
LiteOn wireless Airboard
Logitech Wingman rumble game pad (I forgot the real name)
definately check out thegreenbutton.com or xpmce.com. they have pretty helpful forums.