It looks like they're letting you download the same stuff that Netflix offered Mike to rent on a "sneak preview DVD."
Update: Now that the Associated Press has picked up the story, it's no longer gossip and has crossed over into news:
"TiVo has struck a deal with the Independent Film Channel to transmit several of the cable channel's shows through a broadband connection as part of a trial program. A group of customers were asked to take part in the test and those who chose to participate will begin receiving the IFC shows next week, said TiVo spokesman Elliot Sloane.Via the Raleigh (NC) News & Observer
Content on demand has long been a holy grail for Internet and cable companies as they try to create the next generation of television. No one yet has found a way to overcome key technological hurdles, such as finding a speedy way to pump two-hour movies through broadband, or convince Hollywood that it can profit from Internet broadcasts."