Theoretically, you can record 2 HD programs at the same time but can't watch a live HD program while recording the 2 HD streams.
As for your second question, you should be able to record 2 HD streams while watching a recorded HD program since the recorded program is running from the DVR hdd not from any of the streams.
Then again, I cannot confirm this since I don't have 2HD yet. I'm just theoretically speaking.
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Theoretically, you can record 2 HD programs at the same time but can't watch a live HD program while recording the 2 HD streams.
As for your second question, you should be able to record 2 HD streams while watching a recorded HD program since the recorded program is running from the DVR hdd not from any of the streams.
Then again, I cannot confirm this since I don't have 2HD yet. I'm just theoretically speaking.