No, not at all. IPTV is Internet Provider TV, where you can watch TV channels from all over the world as they are live streamed free over the internet; Ethernet connection is best for this depending on your connection speed. As long as you have a good known active link for a TV channel streaming feed, you could copy and paste the link onto a Flashdrive, and load it into the IPTV App on the receiver; or you could take the long route and type it all in using your remote. If the TV Channel deactivates or changes the live streaming link for any reason, you can't watch it any longer. :-(
I have tried to enter a good number of Japanese IPTV Live Streaming Channels, I could barely get audio on some, but no video at all. Other IPTV channels stream fine for a good while.
IPTV channels is as legal as FTA satellite signals that are in the clear. It's the same as watching the live streaming feed with your PC over the internet, except it's through the Linkbox.
The major downside with IPTV is the live feed connection often goes down or lags so badly trying to buffer, that it's almost pointless to watch; you might as well watch it off the satellite if you are able to. It's not Eye Patch TV, but if your still uncomfortable with it don't use IPTV, I don't either.