PlayTV enables PlayStation 3 users to "watch live digital TV using the device as well as record shows direct to the PS3's hard drive, which they can then watch back either through the television or via a PSP, by connecting to the home console wirelessly over the internet."

it won't take more than a few seconds to plug in - and easy to use, thanks to the user-friendly menus that work with both the SIXAXIS and Blu-ray remote. This simplicity is carried over into the media library too, where viewers can check out everything they've recorded from a simple visual-based menu.

Source- http://www.techeblog.com/index.php/tech-gadget/video-playtv-is-tivo-for-your-playstation-3