Good stuff. Be interesting to see the results if you mount it under 'My Video', and copy a recording over.
Initial testing showed no problems (once I'd moved the spare HDR on to the wired network - wireless is completely hopeless, as I'd expected) and simple "dd" tests with the right block size topped out at about 12MB/s which ain't bad for 100Mbps ethernet.
So I allocated a 250GB volume from LVM on my main machine's HD-RAID, formatted it ext2 and shared the block device directly with the nbd-server (previously I was using a small-ish file-as-a-disk container in the VM), ran up the client on the HDR, checked with e2fsck that it liked it (it did) and mounted it.
Did some file copy tests and got about 11.5MB/s both to and fro. Real playback tests were fine.
I then remounted it over "My Video" and tried some recordings - two HD recordings, a reverse spool of one of them and a decrypt all going at the same time produced some nice big peak load figures (probably 80Mbps at the highest) but the average in normal use was a lot less.
I couldn't make it glitch at all, which I was rather impressed with.
Next test is to try it on the HD, but my USB stick has gone read-only (the whole physical device! - that was a waste of £3.29) and I'm largely out of time for this week anyway.