Via Shelly Palmer, here’s the text of TiVo’s 8-K with the SEC, which lays out more details about its deal with Comcast. It doesn’t contain any financial terms (those will presumably be in the full agreement, which will be filed as an attachment with the upcoming 10–K).
Everything up to this point has been press releases and spin. This document is filed under threat of criminal penalties for misstatements or omissions. So it’s worth a careful read. I went back and read this sentence twice:
Pursuant to our agreement, we have agreed to develop a TiVo-branded software solution for deployment on Comcast’s DVR platforms, which would enable any TiVo-specific DVR and networking features requested by Comcast, such as WishList^™ searches, Season Pass^™ recordings, home media features, and TiVoToGo^™ transfers.
What does “any TiVo-specific features … requested by Comcast” mean? Does Comcast get to decide which TiVo features get passed along to its customers? If I read this correctly, the agreement gives Comcast a veto power similar to what DirecTV has used to restrict deployment of features from the Series 2 platform.
Ed Bott 
Ed – I posted about this yesterday – and the original press release didn’t say anything about “Comcast’s request”. I agree that this appears to mean exactly what you said – the HMO and HME features may be vetoed by Comcast, just as DirecTV did. There is also the possibility that higher-end features would be available for an extra-extra monthly fee. Even if it replicates the DirecTV deal, I still think it’s a net good thing for TiVo in that it’s another source of revenue and subscribers.
Ed,
You read this correctly. It is Comcast’s decision. This very well may be a dumbed down TiVo box.
Microsoft’s Foundation software, while nicer than most cable offerings, still lacks the power and features of MCE.
My guess is that Comcast’s TiVo offering will similarly lack some of the nicer advanced features of TiVo.
Comcast is concerned about control and they do not want you to be able to get high def tv off of your box. It scares Hollywood to death to even think about HD copies of the Sopranos showing up on Bittorrent and cutting into their DVD sales.