Yes, the Tablo does transcode, whereas the HD Homerun does not. That was my point. Another thing I’ve never liked about the HD Homerun is the UI. The first thing I did after initial setup, was to fork out $25 for the Channels app (also available for Apple), which is outstanding. Another thing, is that you’re paying for DVR services, while doing all the heavy lifting yourself (install NAS / server, etc.). After going through all of that, I was even more appreciative of the Tablo than I had (already) been.
My (layman’s) experience with HD Homerun setup, features, benefits and impressions: