It is record 2 shows and watch a previous recording only - you can't watch live TV.
Note that record two 'shows' is not the same as record two 'channels' as you wrote above.The difference occurs when you turn on the option to automatically add extra time to the end of the recordings.
E.g. if you want to record a show from 7:00pm-7:30pm, and another show on the same channel from 7:30pm-8:00pm, then from 7:30 until 7:40 (for 10mins extra after the first show) both tuners will be on the same channel recording the same content. At this point you can't even watch/record a 2nd channel.
Yes you can split the antenna cable to both the Tivo and TV to watch live shows using the TV's tuner.
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