As promised I recorded 2 hours of TV with my PVR2000 using mpeg2 & "Good Quality" setting.
This gave me a 5.4gb mpeg file. I then authored it to a DVD with Tmpgenc DVD Author - 27 mins.
I then shrunk it to fit a DVD-5 with DVD Shrink - 25 mins.
BTW I didn't use the deep analysis settings as this was just a test. This would probably add maybe an hour.
The quality out of this was about VHS quality.
I don't have a super fast system, this was done on an AMD XP2100 with 512mb memory and 3 ATA100 HD's on separate IDE Channels.
That's how I justify my timings.