Does your TiVo allow you to edit sections of video files? No? If so, then the patent isn't "essentially a TiVo."
That functionality existed in professional video servers, which are very similar to a TiVo in every sense that matters for this functionality, long before TiVo existed. See the Tektronix Profile PDR, for example, which first shipped in late 1995, IIRC. Adding that functionality to what is essentially a consumer version of a professional video server would be obvious to anyone familiar with TV or other video production.
Now, how it was actually implemented is not necessarily obvious, and this guy's method could very well be patentable, assuming there wasn't an extant patent sufficiently broad to cover all possible implementations.