Reiterating JD's advice about TV1 - it MUST be Component Video inputs minimum, (or DVI or HDMMI). RF, Composite, and S-video need not apply for the position of TV1.
For TV2, my 10-year old Sanyo in the other room works just fine via RF coaxial output (channel 21 to 69). You can also use composite for TV2.
You can watch two different satellite channels at once. Or use PIP. Or record one and watch another. Or record two and watch something(s) already recorded. The hard limit is that it has 'only' two satellite tuners.