The two companies really going head to head in the HTPC field have been Frey Technologies and SnapStream; though, Meedio should be tossed into the mix soon (MeedioTV was not available at the time of this review). Keeping in mind that the SnapStream only has the TV portion of the HTPC experience down and SageTV 2.0 is a full-blown MCE replacement, they are still very much competitors.
When you put a BTV (Beyond TV) user and a STV (SageTV) user in a room, the first things that the STV user is probably going to say is, "yeah, but I have multi-tuner support!" Heads up for those not browsing the HTPC web forums. SnapStream is planning to take that particular advantage away from their competitor. While Beyond TV 3 was a revolutionary step up from the Personal Video Station (aka PVS) title, Beyond TV 3.5 is an evolutionary step forward, with a few minor tweaks and changes here and there.