A:Answer First, you don't set it like a VHS exactly. You search for the show or program you want to record, then set the recording options (one-time, record the series, etc.)
Second, TiVo is not free - you have to rent a cable card from your cable company and you pay a monthly, annual, or one-time fee to TiVo. The only free TiVo option is their Roamio OTA (antenna).
Third, yes it has storage. It holds one terabyte of recordings. Depending on your video quality (SD or HD), you should have hundreds of hours of recordings.