I'm afraid I don't see MS making a success of this.
This was what everyone (including MS) wanted from Windows Media Center and it never amounted to anything because the cable companies weren't interested in giving up any control. As a result, Americans got fed up waiting for the promise to become reality and the rest of the world got fed up waiting for MS to devote a similar amount of attention to making WMC support all the features of DVB-T. In the end nobody was satisfied and a potentially great product became the afterthought that it is today.
MS gets free data on your viewing habits. That's a huge win for them. Even without an additional functionality, I'm sure they'd just love to be a dumb pass through that dumps all the data of what you watch on Netflix, Hulu, and cable to them. That's a crazy advertising gold mine, that, to my knowledge, no one has in full yet.