I recently had the pleasure of test-driving a Slingbox connected to a network with several DirecTV TiVo systems.   It was great to experience how easy the basic setup was and how quickly I could access content already recorded on my TiVo systems while sitting at my desk.

My ideal scenario is offloading programming to the PC and converting to DIVX so that I can watch programs on my Archos AV500 while mobile.  I'll call this "nomadic placeshifting" for lack of a better term - the point is, offline viewing of "slinged" (slung?) content is what I'd like to be able to do.

Is anyone familiar with a way to easily capture and convert content served up by the Sling interface?

Yes, I am familiar with the 'extraction' methods which involve modification of the TiVo and decryption of media as its recorded - this is a DMCA no-no, however.  Using the analog method chosen by Sling, its completely legitimate; but I'm not certain if Sling then encrypts some of the data and/or whether its accessible without causing other problems.  

Is this a technical issue?  A policy issue?  Both?