Not that great
Purchased Play TV after reading positive reviews and have been using for about 2 weeks now. Main issues are as follows: if you have a separate sound system then you're going to need three remotes just to watch TV rather than 2. One to turn the tv on, one for the amp, one for the PS3. You have to wait for Play TV to load - not like just switching the TV on. Image upscaling quality isn't worth writing about. Got fewer channels tuned on Play TV's freeview tuner than on the one in my TV.
Recording is good but all the effort and downsides above have forced me to give up on it and sell.