I have Comcast cable in California and in Colorado. The only way I am able to record one channel on the PVR (Tivo) attached to the TV in each location while watching another channel is to attach a signal splitter at the wall outlet where the cable signal enters my homes, then connect one wire from the splitter directly to the "Antenna RF In" connector on the back of the TV and the second wire to the antenna RF In connector on the back of the cable box. Then a set of composite (Red-White-Yellow) wires connect from the back of my cable box to the Red-White-Yellow In connectors on the back of my Slingobx (at the Colorado home), and another set from the Slingbox to the Red-White-Yellow inputs on the back of my TV.
The slingbox then sends via the internet what the Cable box is displaying, AND I can watch a second channel on the TV at the same time in the home where the TV is located. However, this viewing on the TV does NOT use the signal from the cable box, but instead can see only those channels that are sent "in the clear" over the cable input from the wall. The Federal Communications Commission requires that all TV service providers make a minimum number of channels available in this manner -- typically these include local broadcast stations for that regional of the country and assorted home shopping and religious channels.
The California setup splits the signal between a cable box and a "digital transport adapter", which is basically a mini-cable-box that provides only the cable signals in their digital format, but with no additional capabilities such as Video On Demand or an on-screen TV schedule lineup.
It's like a VCR, but streams to the internet. So what ever you could do with a VCR is what you can do with this.
If your cable box / directv receiver can support two tv's at the same time, on different channels then yes.
If not, then no.
So the feature you are looking for is dependant on what you are plugging it into - it has nothing to do with the HD pro itself.
As far as shipping the HD pro around, it should work "seamless" no mater where it is installed. It will "dial home" to slingbox.com and become accessible to wherever you are.
Note: for HD resolution you need at least 5mbit upload speed
Note 2: Some times you need to reboot them, so I would get a timer/power adapter that turns it off for a minute every day at 3am.