The geofencing limitation on Aereo's market is a consequence both of the technology that Aereo has invented and the television industry's regulatory ecosystem. Aereo is working around the legal minefields of "rebroadcasting" to customers by making every subscriber the renter of a tiny bit of New York real estate -- a pair of teensy HD antennas, each the size of a dime, rack upon rack of them in the company's datacenter. Through the subscriber website, you can browse and search the live TV program guide, assign episodes for recording on a 40 GB DVR, share viewing choices with Twitter or Facebook contacts -- it's all there, and all pretty easy.

The proof of any streaming service, however, is in the video quality. Aereo allows users to force a low, medium or high quality setting, plus an automatic setting that adjusts to available bandwidth. In my testing of Aereo's service, I made a point of sticking to high-speed WiFi on my iPad 2 to give the video quality the best chance to show off -- and show off it did. The video clip above gives you a taste, but keep in mind that you can quickly take the video full-screen (I didn't show that in the demo, as Reflection doesn't handle full-screen video correctly). The full-screen streaming looks fantastic; it's largely indistinguishable from broadcast at its best, and even when it chunks up a bit it's still very watchable.

Aereo is offering 90 days of free trial service to New Yorkers on a rolling invitation basis as it spins up into full operation. There are still a few rough edges to fix; if you're timeshifting a program by a few minutes, for instance, it has a habit of cutting off when you reach the scheduled stop time (rather than just rolling forward as it would on a conventional DVR). Building the service on a pure HTML/mobile web platform, however, gives the company space to iterate rapidly and fix bugs faster than Apple's review process would allow. Support for more browsers and more devices is also in the immediate plans.

If I was in a cord-cutting mood -- but I still wanted to keep my DVR capability and supercharge my TV mobility -- I'd put Aereo at the top of my service list. It remains to be seen how well customers take to it and what kind of geographic range the service will eventually cover; if you don't live in NYC then (forgive me for this) you'll have to stay tuned.