I have a different version of that, and since I needed it for capture for burning DVDs, it wasn't a great solution for me. It worked okay for capturing for VCDs, but I could never get the audio and video to sync, so I had to transcode each capture.
It worked okay for watching TV from both a satellite receiver and from a set of rabbit ears, and it also did an okay job for pausing and rewinding live TV, but in the end it ended up back in the box. The software is pretty craptacular, other apps that you can use don't see this device. I still take it to work from time to time and use it, but not very often.
My needs might be different than yours, but USB didn't cut it for me, I went with a Hauppauge 250 for capture, and an MSIE TV@nywhere for time shifting and watching TV and listening to FM on the computer. Both are PCI and full sized, so probably not helpful for your use.