Virgin are going to be launching a 500Gb TiVo box shortly, no dates yet but I'm reliably informed by Square Eyes that it will be £49.95 with the £40 install, customers must also sign up for 12 months Tivo (£3 a month). All subject to last minute price adjustments of course, but expected to launch very soon. Mr Eyes reckons that the V+ is likely to be phased out, and the Tivo style box will take its place - that would seem to be borne out by the fact that the lucky few who have had TiVo installed have been allowed to keep their existing V+ boxes as a second box - Virgin dont' appear to be recovering them for redistribution.
For those who want to go TiVo but haven't fancied the price of entry, this cheaper box would appear to be a mighty fine deal.
I'd imagine the hardware will be the same as the 1Tb TiVo only with a smaller drive. I've also heard that a third box, with a 250Gb drive may complete the lineup later in the year. No idea on pricing or dates.