Technically, it's possible. I've done it with a dvb-c card, a phoenix reader and using sasc-ng for decryption with newcs to interface with the card. I used VDR, but MythTV should be just the same, as sasc-ng created virtual DVB devices so that the application just thinks it's unencrypted dvb-c content. This was on Linux of course. HDTV should be no different from SDTV.
I never got it to be fully stable though, as I sometimes saw cpu usage go to 100%, and sometimes the setup simply failed to decrypt a channel. I never had the time to fully find out if this was to problem with newcs talking to the card through phoenix, or if it was sasc-ng that was unstable for decryption.
Also, using sasc-ng for decryption can sometimes require some processor power. I'd recommend a dual core processor at least. And I'd really recommend getting an nvidia card to use VDPAU for hardware mpeg2 / h.264 decryption. It really offloads the CPU. I'd recommend a passively cooled 9500 card, as even though it doesn't decrypt MVC-1, it can do spatial-temporal on a full 1080i picture. Most 9400 and 9600 cards can't.
There are no dual tuner cards for dvb-c. Your easiest option, and the most compatible card, is the technotrend c-1501.
You can record one channel or have one viewing session per card. So two dvb-c cards will allow you to view one channel while recording another. (I don't remember offhand if dvb-c transfers multiple channels per transponder as dvb-t does, which would allow you to do multiple recording / viewing per card as long as they are on the same transponder.)
For cable, you can just use a splitter to feed multiple cards using the same cable, there's no polarisation of the head as you have with dvb-s.
Since I had some stability problems, I also acquired a T-Rex CAM to allow for hardware encryption. With the latest predator software, this CAM supports decoding of foxtel apparently. I never got around to get it to work before the foxtel subscription expired though. One disadvantage of such an approach is that you'll only be able to use it with a single dvb-c card. Using sasc-ng with news as described above lets you use as many cards as you see fit.
So, for the last point; is it worth it? I'd say no, get a proper DVB-T setup for freeview. It gives you 11 channels, and when you start recording the interesting stuff on ABC, SBS and sometimes 7, 9 and ten, you'll just realise that there's just crap on paytv anyway. And I'd strongly recommend VDR, it's got a much higher WAF than MythTV. It simply works.
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