Absolutely!
We watched the royal wedding on the iPad2 this am on an hour drive into work. It will send whatever you have - cable TV, Dish Network, DVR, whatever, and send it out via your router at home. Computer need not be turned on. Control your cable or dish via your iPad. I then catch it with either my iPhone 4 or iPad2 to watch it. If you have a mobile hotspot, catch it as you drive although 3G will give you a view as well, allbeit a bit herky jerky. I plug my iPad2 into a "guest" HD TV (motorhome or motel) and watch it on their big screen. Just need the apple Component AV cable to connect to a TV otherwise watch it on the iPad.
I can also capture it on my Mac at work.