It has 2 tuners so you can record 2 programmes at the same time or record one and watch another. Playback is completely separate from the tuners, so you can play back a programme and record 2 others at the same time. What you CAN'T do is record 2 programmes and watch a third programme live at the same time, as that would require 2 tuners for recording and 1 more tuner for watching live.