It can definitely do that, though I question how painless it is. It was painful enough for me to be on my second $100+ media streaming box, and ready to drop $200 on the Boxee Box.
But, if it's all you have, you are correct that pyTivo will most certainly do the job if you have a computer fast enough to do the transcoding.
I'm relatively new to the game, so I don't know what it used to be like. I just installed the
PyTivoX image on my Mac and it just worked, right out of the box. Okay, the "transfer" option insisted on downcoding everything from HD to SD, but the streaming option seems to work fine. Maybe it helps that I've got a top-end Mac Pro...
It does, and it also helps that you have a Mac at all, so you didn't have to install Python.
I also haven't played with pyTivoX. The pain I think of with pyTivo is really only up to and including installation. I was working with just plain pyTivo, and it was always incredibly confusing figuring out which files I had to download, as there were different forks of the project, and the people who worked on it, frankly, were a-holes who expected everyone who used it to be a programmer. Man, those guys pissed me off.
Once I had it installed, it took a little setting up and some time to get all the settings correct, but after that it almost always worked just fine. I just needed to have a computer fast enough to do the transcoding. Once I upgraded my PC I was able to do HD video transfers (well, compressed HD MKV's) in nearly real time.
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