DVD recorders are way down in price. When first introduced here, the Phillips one sold for £900. Last year I bought a 32" Panasonic widescreen TV - £750, and the DVR was included in the price. It uses Panasonic DVDRAM discs, but these cannot be read by all players, so if I record a TV programme, I can't play it back on any old player - only those than can read DVDRAM format.
As Nilsen says, the quality is excellent at 2 hrs/DVD (Standard), but I find it's just as good on Long Play - 4 hrs. So I've set default to LP.
Don't worry about all that NTSC/PAL compatibility crap. DVDs have one of about 6 region formats. Region 1 is N America (NTSC equivalent), Region 2 is Europe (PAL equivalent). Asia uses some of the others. But - it's easy peasy to convert your DVD player to multi region. I did mine using a handheld infrared transmitter. For details, go here:
http://www.dvdchips.co.uk/