TV is transmitted within certain narrow frequency bands, or carriers, commonly known as channels. In the original analogue system only one station was broadcast per carrier, but with the newer DVB-T system (Digital Video Broadcasting - Terrestrial) several stations are transmitted on one carrier. To combine these stations onto one carrier they are mixed together in a piece of equipment called a multiplexer - or mux - before transmission.
I have to emphasise that I used the term channel very loosely in my first post where, perhaps, I should have used station, sorry for any confusion.
Now this is where I have to start guessing; Why does the PVR only allow you to only watch some channels whilst recording? My thoughts on this are that it only has two tuners, so can only be locked into two carriers from the transmitter, as I said above these will contain several stations each, so the PVR will only be able to decode the stations available to it from these 2 tuners. Therefore anything on any of the other carriers cannot be decoded by the PVR, and so are unavailable for you to view.
But as I said before, I'm only guessing and I'll double check this when I next get the opportunity.
Hope that helps m8.