<I suppose "walled garden" is funny as an odd choice of words -- it's an old phrase previously used in many contexts. >

Exactly. It's funny because its such an outdated term and ironically spoken by someone who just said they are all about emerging trends.

The TiVo Stream will be an additional box correct? Why not integrate it into all future Premiere's?

I happen to think the TiVo Stream would be a needle mover... its something much more current and actually innovative. If they get a year or two jump on the cable MSOs that actually gives them a better value proposition vs the generic DVRs... before people could say the generic DVR "got the job done" even if the interface was ancient. Now TiVo Stream potentially adds in the coolness factor. If the product works well and is marketed effectively, it could be a game changer.

Regarding the walled gardens, I don't see it as significant. It just reminds me of the failed connected TV attempts that nobody really uses. I don't think people are going to search for walled content on their TV. Or at least not in enough scale to make Tivo enough money to make it worthwhile.