You don't even need to do that. Just get a Hauppauge HD-PVR and record from component out. I do this all the time to record cable TV with MythTV, and it gives an excellent quality result, with no DRM circumvention or camcorder required. I have zero interest in piracy: the recordings are for my own personal use only. But if I'm paying for cable with HBO, I'm at least going to have an uncrippled DVR.
If the FCC ever lets the cable companies turn off component out, then it's time for MythTV users to break out the HDMI-to-component converters. These are like $30 on Amazon and reportedly work just fine with HDCP.
And if they ever stamp those out somehow (they're made by random companies in China, so good luck to them), then, well
My view is they should give up on the DRM and just do watermarking. I don't give a shit if my recordings are watermarked, because I'm not going to upload them. Almost no homebrew DVR users want to upload pirated TV. So, if they do DRM, their opponents are "every geek with a homebrew DVR or other legitimate need for uncrippled media access, plus the few people who want to upload pirated TV". If they do watermarking, their opponents are "only the few people who want to upload pirated TV".
Seriously. Just invisibly watermark the damn movies and TV shows, then take legal action against the uploaders. It's a perfect win-win solution. Dumbass control freaks are dumbass control freaks, though.