ElGato has released v1.05 of their EyeTV software. The 6.24MB download is availlable at http://www.elgato.com/support/downloads.html. The readme.rft file has complete details on installation, bug fixes and known issues.
(Copy of the readme RTF file follows - see this page for reader reports on EyeTV.)

" Welcome to EyeTV 1.0.5!

What's New in This Version?

Installation
If you are updating from any previous version of EyeTV, drag the old EyeTV application to the Trash. Drag the new EyeTV 1.0.5 application to your previous install location (or wherever you like), then launch the new software.

When you first launch EyeTV 1.0.5, you will be prompted to enter an admin password. This authentication is required to enable the wake from sleep feature (see "More information on Waking your Mac", included below).

Bug Fixes
The code which wakes or powers up your system to record shows has been overhauled, to address bugs and increase overall reliability.

Waking your Mac only works on systems that have a PMU (Power Management Unit). Systems released after the middle of 2000 should have a PMU.

Machines that do not have a PMU include:
Any Beige G3
Blue and White G3s
Tray-Loading G3 iMacs
G3 PowerBooks without FireWire
PCI Graphics G4

If your machine doesn't have a PMU, then after you schedule a recording and quit EyeTV, your console.log (viewable when launching Console) will include the following error message:

"Error: Couldn't find PMU in IORegistry. This system may not support automatic wake."

More Information on Waking your Mac
EyeTV can wake or power up your system to record shows. This feature only works with Mac OS 10.2 or later. To take advantage of this feature we recommend that you simply leave the EyeTV application running with the Live TV window closed. In this mode EyeTV will use practically no CPU time and the system can go to sleep as specified in the System Preferences Energy Saver panel. EyeTV wakes up your Mac two minutes before the scheduled recording starts, therefore do not set the system sleep interval to less than three minutes. Please note that the system will not go to sleep while a Live TV window is open.

Other scenarios may require a little more planning, e.g. if you shut down your Mac then EyeTV will power it up on time, but recording will work only if automatic login is enabled and EyeTV is configured to launch automatically. For details please refer to the EyeTV User's Guide.

Known Issues
The following problems will be fixed in a later version of the EyeTV software.

With EyeTV it is easy to fill up a hard disk completely. EyeTV 1.0.5 does not always issue appropriate warnings when it runs out of disk space, nor does it recover gracefully from disk full conditions. We recommend that you monitor disk space requirements for scheduled recordings and frequently compare it against the space available on the hard disk containing the EyeTV Archive.

While EyeTV is running continuously, the Mac's CPU usage rises to very high levels from time to time. This can be eliminated by pausing/playing live TV, and the condition also goes away by itself after a few minutes.

When viewing a recording or live TV in fast reverse mode, EyeTV stops updating the screen after a few seconds. Note that the QuickTime Player has the same problem and we are working with Apple to work around this issue."

EyeTV Owner Reports/Comments: See this page for reader reports on EyeTV.