There is a great article from Monday's NYT on the TV industry's reaction to personal video recorders from Tivo and ReplayTV. Pretty much all the executives interviewed say these devices will change the way we watch television and more importantly the way the TV industry makes money.

These devices allow users to do two things which really scare broadcasters: a) users can watch shows when they want to, and b) they can zap through ads. Both of these features could fundamentally impact advertising revenues.