1) Can output HDTV or SDTV(analog) through TV-OUT through Component Y-Pb-Pr (can also be composite).
2) Can use TV-out to playback formats and codecs without converting.
MKV, AVI - Mpeg-2, H.264
It looks like those MyHD PCI cards can do some of this. I don't think it can do H.264 though, and can capture analog in an avi container, but can't play it back.
I know I can do this with a video card, capture card combo. If I do that, I'll have to upgrade my PSU too, and that's a bit too pricey for me right now.
Just to note: My PC is fast enough to playback 720p H.264 without hardware acceleration, so offloading the CPU would be nice but not necessary.
If I am wrong about any info above, please correct me. I'm still trying to educate myself on most of this.