Am I right in thinking that with my bt pro tv box, with an internet connection I can only record one channel and watch one other channel, and also now cannot fast forward through advert breaks with ITV. However if I connect through an aerial, I can record up to four channels and fast forward through advert breaks on ITV
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That is correct.
And you will get all of the broadcast channels on Freeview, instead of the subset offered with IP.
Unless, that is, your local transmitter is a Freeview Lite one, which may tip the scales back towards equivalence with IP.