Apparently as it is network intensive it does slow down access to the recording list and also may not be well suited to Wifi (if you have a USB to Wifi adaptor).
This feature has been available in some of the overseas versions of Magic for a little while, their website highlights it as a feature.
I haven't got access to a Magic 3700 right now to test so wondered what others think of it. I saw a member mention it on another thread but didn't say how well it works. Does it work well?