Does it need a hi-spec, expensive PC to run?
Not necessarily, any modern PC up to a couple of years old should easily run the latest Windows 7 and allow all its standard features to work well. The connection to your TV should be VGA at a minimum, HDMI / DVI are better still but be aware that not all TVs display PC signals properly through these HDMI / DVI ports; it’s getting better with time but try and contact the manufacturer first to confirm that all is ok. And if going down the HDMI route then you’ll need an HDMI graphics card; the current ATi HD4550 are a good buy and relatively cheap (~45). The main benfit of HDMI is that it carries the sound as well so you only require one lead between your PC and TV. Of course a TV tuner (DVB-S or DVB-T) is required to be able to watch Television, and a mulitple tuner card, or several single tuner cards gives you the ability to record more than one program at once. However any HD content requires more CPU power and a specific entry-level of graphics card (e.g. ATi HD4550 are ok), and the