It won't have a RF tuner compatible with Europe so you wont be able to pick up / record live Analog TV.
It doesn't have RGB input, or component input, just NTSC composite. So you wont be able to record much, at least not in colour.
It's going to suck really badly.
[Edit: Update]
Ok, it has an
SVideo input (NTSC only) so slightly better quality B&W recordings :-)
You would be much better off making your own HTPC with a DVB card.