I just bought to Tivo Premier XL about two months ago and absolutely love it! It is so easy to search for and play content from various sources - cable, Netflix, Amazon, Hulu, YouTube, etc. Hopefully the hardware will hold up long enough for me to take advantage of my lifetime subscription.
Tivo has IP value, cash, carry-forward losses and they are definitely a good takeover candidate. There is a good chance multiple bids will come in once someone makes the first move. I do believe Tivo's poison pill is still in effect for another few months, though. Any offer would have to be done with the full consent of the Board. Either way, I certainly would not want to be short the stock and wake up one morning to a 50% or more loss!