I've got TiVo. In fact, I have two, and life has never been the same. It's not even that I watch a ton of TV - it's just that with work, two kids, house stuff, etc., I don't have time to watch TV when the shows are actually on. Or I don't want my kids watching them with me. Plus you can pause and rewind live TV, easily skip through commercials, etc.
TiVo makes it easy to record and store programs, I can share programs between my two boxes, I can share iTunes and iPhoto to the TV/stereo through TiVO, etc. The service is reasonable, at about $12.95 a month.
It's also nice for the kids since I can record some of their programs that they like to watch and play them over and over, which is what kids at 3 years old like.
Also, TiVo will be releasing TiVo To Go in the near future, which will allow you to download programs to your laptop for portable viewing. Nice for me since I travel a lot for work.
All in all, I'd definitely recommend doing the DVR route, with either TiVo or a comparable service. It's fantastic.