I'm talking about what it takes to build a capture card. If ATI, for example, builds a tuner which can just grab the raw ATSC Mpeg-2 stream from OTA and stash it to the HD, then all you need is the ability to handle streaming 18mbps/s to the harddrive. Thus, there are no real CPU limitations if you can just pull the ATSC digital signals out of the air and store them for playback.
But not everyone wants recompressed MPEG-2. Most home theater enthusiasts who capture Satellite/Cable will opt for a combo-tuner/PVR like the DirectTivo, which offers much higher quality than a stand alone TiVo unit.
The reason why you want IEEE1394 is that this is the standard used by set-top boxes and HDTV Tuners to stream the raw compressed MPEG-2 signal to appliances like DVHS which can record HDTV.
Thus, the ideal HDTV card would feature 1394 input. But it also needs HDMI/Coax in, because not everyone has a tuner with 1394 output. Yes, in the case of HDMI/Coax in, you'd have to have a tuner and do capture/encode.
A dedicated 500gb PVR unit can store roughly 50 hrs of non-recompressed HDTV (original 18mbps stream), which is about what the new DirectTV HD-Tivo can do. Most HTPC users will probably opt for raw storage for recent shows, but convert to MPEG-4/H.264 of older shows, OR, they will use 1394 output to record to a DVHS, or burn a DVD.