Yes, can only stream to 2 devices simultaneously (regardless of Recast model).
But, in my opinion, there are even more severe limitations because the Recast appears to use a tuner channel for playback of any stream (Live,as expected, but also Recorded) which means that if you are watching the MAX 2 streams on a 2-Tuner Recast you CANNOT record any shows!
See my post in another community thread about the Recast for more detailed information as well as a link to the Recast FAQ page.