To my knowledge, there are four similar devices on the market:
1) Hauppauge WinTV-DCR-2650
2) SiliconDust HDHomeRun Prime
3) Ceton InfiniTV4 USB
4) Ceton InfiniTV4 PCI-E
Either of these devices will work with your system (assuming your system meets the minimum specifications required). Nothing has changed since I purchased and installed my Ceton InfiniTV4 PCI-E over a year ago.
The device you linked (and any others I linked) REPLACE your set top box. Your PC, with one of these devices attached, becomes your new set top box. Most of the functions that required a set top box are now handled by your HTPC. With a cablecard enabled device, it's just a matter of searching your automatically downloaded TV Guide, finding the movie, program, or TV Series you want to record, and selecting the "Record" option. Assuming your HTPC is powered on at the time the show is scheduled to start, it will begin recording without the need for you to change channels before hand.