I've got a similar problem, so I'll add to this thread:
If I try to watch an HD channel in MP I get a flash of BSD (too quick to read) and reboot. I've tried all three H264 codecs I've got installed (PDVD7, ffdshow and an ATI codec). I can record from BBC HD without watching it and produce a ts file. This ts file will not play in the stand-alone PDVD or ffdshow players either. But it will play in VLC player (although it's a bit stuttery - presumably no hardware acceleration being used).
Any ideas what I should try next? Are all my H264 codecs broken? Problem with ATI video driver? (I'm using 8.12)
personally i would download hirens boot cd
use acronis true image to backup your system
reformat with xp sp3
download + install the latest version of ati drivers that are available on your manufacturer's website
install tv tuner driver
install sound card driver (if needed)
install network driver (if needed)
use hd pack to install pdvd9 h264 codec
reboot
install MP 1.0.2
don't install anything else (click cancel for auto detect hardware)
see if it works