This USB PVR is an external hardware encoder support MPEG1, MPEG2 even MPEG4 and integrated TV tuner. Its application software allows the user to watch, control and record video and TV, to capture full D1 quality video in MPEG-1, MPEG-2 or MPEG-4 video format from camcorders, VHS tapes, DV cameras and any other analog video. It can also burn TV and video to DVD, SVCD or VCD. It is the world's first smallest USB PVR with hardware MPEG-1/2/4 multi-format real-time encoder.
... PVR is an external one. I don't know if I miss something, but you didn't mention the right receiver model. All Metabox receiver is Dream AU except WT-1401P, this one you have to reload the code everytime. Anyway I'm not expert for Metabox, you just wait for someone who can explain more.
Good Luck !