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We have Foxtel IQ which is basically the same thing, and we use it, it's really handy, and with so many channels theres always something we'd love to watch but forget (plus with Jazz, we can pause a show we're watching and go back to it). We love it because we can record normal TV too... we don't have a recorder so its handy. I think its 60GB?
And yep you'll need a new box if you change your mind later on.
ETA: 160GB. Not 60 lol