This smells a bit strange to me, it's a "for-profit" company.. Fair use is a bit of pipe-dream here. Also there is no conditions on the source of the content ? If the source was obtained from illegal sources IE illegal distribution of copyrighted materials does that not play a part ?
Also will this set a precedent that if I download HBO's collection but don't seed or use for any commercial reasons it will be considered Fair Use ?
This whole thing just reeks of "rules for thee but not for me".