I think everyone is seeing this all wrong. I don't think they intend this to be just a mechanism for movie distrubution. I'm thinking their contracts will expand beyond movies. If they get Universal, they get SciFi, USA, NBC, etc etc..... So now I can watch SGA, BSG, Monk, Heroes, etc in 1080p/7.1 and on demand. Eliminates the need for DISH, Netflix, my 722, my TiVo series3, my media extender, my HD-DVD/Blu-Ray players, etc etc.
I think this type of setup really is the future of content distribution -- a single server in the home that gets content (semi) on-demand from both broadband and satellite, and then distributes it to set top boxes throughout the home. With DNLA, we won't even need an STB anymore -- just a TV that supports the standard.
They'll have competition. I'm sure Charlie's wheels are already turning.
This is amazing stuff. If it dies a painful death, it will be because of the studios/networks. I hope they're not too far ahead of their time. If they secure the content, I'll be first in line.
Regardless, I think the concept of broadcasting and DVRing (as we do it today) will be dead someday. Automated content distribution and on-demand viewing is the way things will go.