Precisely. Its funny how much difficulty people have letting go of old paradigms, isn't it? IPTV essentially will move the DVR functionality to the server side. Events (e.g., sports) can be streamed "live" over the internet, and simultaneously stored on the server for later viewing on-demand.
The other intriguing potential of IPTV is that it can free us from the monopoly/ duopoly of our local cable/ sat providers. Imagine being able to select content from dozens or hundreds of providers around the world! You no longer would be limited to what the cable or sat provider chooses to carry, and you could potentially pay only for what you actually watch.
IPTV can do what you're talking about but from what I've seen, they currently just provide another alternative for a subscription to a "package" of channels that is an alternative to satellite or cable and your still tied to region of service and available connection technology so it's not any more portable than my satellite service. This may change eventually, I just don't necessarily see it happening in the near future.