IMHO tivo on its own is just an enhanced EPG with a bigger HDD ... at the moment ..
Tivo on its own does not bring new content it just handles the existing content in a much better way ... going on that then no sky customers wont flood over to VM because of tivo
IF however tivo develops by adding truly new apps like Lovefilm/Blockbusters and other content providers as well as have a far enhanced and expanded VoD then many sky customers i think would move over at the loss of some mainstream/HD channels
the ball is in VM's court as to how they use the potential but at the moment tivo is just a new box with an enhanced EPG and bigger hdd which wont seduce the vast majority of sky ( and probably a lot of VM ) customers that its a must have