Yes - it works. It is about time! The EPG (Electronic Programming Guide) has been missing from WMC (Windows Media Center) in Australia, for like - forever. You used to have to use hacks, such as data scraping the Ninemsn website (many years ago) or a third party system from a vendor such as ICE to get this information.
A few notes...
a) It wont actually download it via the internet, like you would expect. But, it ties into the broadcast signal and then presents the information it finds that way.
b) It might take a bit of time to pickup the EPG - but if you cycle your channels, it should then start to see information.
c) As always - the TV studio's like to cause us pain, often things would start and/or finish later then they should have you might miss some recorded TV - best way around this is to increase the time buffer (I think up to 5 minutes each side of the show) or to record the show prior and after the show you wish to record.
I do not know if this works with Foxtel - as I don't have foxtel or any other paid forms of TV in my house.
I feel with TV these days - two recorders (ie, two tuners) is a little limiting and am thinking of getting a third for my system at home.