Well, if the idea is to use local storage rather than upgrade the network, I'm not sure that would work brilliantly. While I can get 15/16Mbps downstream, my upstream is only 0.6 - admittedly I'm on aluminium rather than copper, but probably not even 500 metres from the exchange. You'd have to limit the peer sharing quite substantially to make sure it didn't impact on my downstream (as can be see when the wretched iDevices bork everything as they upload to iCloud).
You may also need some technical tweaks to the copyright rules; the exemption allowing recording at home is "for timeshifting" and explicitly precludes "a library for repeat viewing", which is almost exactly what would be created here.
While it may indeed be a rather archaic description that hangs over from the days of the VCR, and something ordinary punters won't worry about, it would very likely exercise the minds of a company's legal department, if they wanted to create a system based on something like this.