Exactly what happened. However, I set a Timer for Amazing Race with a 60 minute buffer, and got the whole thing saved to my partition of the HDD. The episode shows up on both the PTAT partition and my partition, and is the full 120 minutes on both, so it's simply a pointer to the same file.
VERY intersting though that the PTAT partition also has The Good Wife listed, which in my case would have been the second hour of Amazing Race. So what it seems to have done is used the same data stream from PTAT and create two different files for me: one of 120 minutes for my Timer of the Amazing Race, the using that same info, it created a 60 minuite PTAT program for The Good Wife.
So you still need to pad your timers to catch all the programs ,just like now on the vip receivers.