I was considering a ReplayTV over a TiVo recently, and had started a thread about it which now has some good information in all of the replies, including links to sites where you can get more details on both units. You may want to check out that thread here.

As for your questions, you will probably get different answers depending on who you talk to.

Picture quality will likely be full of opinions from whomever you ask.

As for editing video, I believe the new units (Replay 5000's & TiVo Series 2's) do not allow copying of the video files to your PC for editing. But it is possible with older units of both types (Replay 4500 or earlier and TiVo Series 1), if you're willing to hack them.

And purchasing on eBay may be a good way to get yourself a deal on one of the older units, especially if the unit already has a lifetime subscription attached to it, or any hacks that you think you'd like to use (backing up video to PC, for instance).

As for me, by the end of the thread I had linked you to, I had decided to wait on my decision until I was finished with Christmas. Well, my shopping is done, and I've got some extra cash. I've decided to get a ReplayTV 5040. Listing my reasons would probably double the length of this post, though. Good luck.