It's going to do capture, but no channel changing.... that's it, all other features are intact, you just can't change channels. I don't know if you can use S-Video or need run it through channel 3/4 for Tivo.
In other words, for use on a Satellite setup, it's a bit of a waste to pay a lot more for the integrated tuner, you could just get a non-AIW, decent PCI capture card, then you also have more of a choice in software, features.