Thanks css, yes, I've returned the setting to transponder since NTP doesn't seem to play well in the current incarnation of the firmware.I'd use transponder time, that's all I've ever used with freeview, and I haven't seen any issues you are now describing.
Regarding the buggy behaviour I've reported here with waking up from Deep Standby for a recording, not going back into Standby while recording, and not returning to Deep Standby after the recording is finished, I'm curious if other Mut@ant users have not suffered from such symptoms.
Could it be something in my particular hardware causing the problem? I don't know what tests are performed to produce "RECTIMER: wakeup to standby detected" and why these only work when the box was placed in Deep Standby recently. Could it be that these tests and RECTIMER work if the disk is still spinning from the previous cycle, but fail if a potentially sluggish disk has to start spinning from a standstill? Would a 'sleep 2s' instruction to give a chance to the disk to catch up fix my problem?
