FerretBoy, yes they do. They have all of the Tivo Features minus the "Home Media Option" which allows programming the player via the internet (say you're at work and remember you want to record something) and allows sharing of shows within the same house. That feature may make its way to the DirecTivos soon. Personally, the 2 tuner feature more than makes up for this.

Other than that, DirecTivo have all of the features that "SA" or "Stand Alone" Tivos have - they even run the same exact interface and software.