We have one in the bedroom. It's smaller, doesn't record but is quieter, you can buy pay per view on it as long as its connected to phone line. The EPG is the old style and can't be upgraded to the new one. The remote control is exactly the same.
A tweaked EPG will eventually come and sky are launching a 'shared planner' option soon that will let you watch stuff from your main +HD box in your multiroom box.
Their blurb on the website is confusing, it states a price for the multiroom subscription, it also states its extra per room. I've got a second box in the bedroom and the main HD Sky+ box in the living room. I just pay one extra subscription for the bedroom.