Aereo is for people who can't put up an antenna (or don't want to). This device requires an antenna.
Sure it's five minutes of hassle setting the thing up, but once it's setup it's all free.
This might work for lucky fiber-to-home subscribers but every time I've tried on Comcast, a giant buffer (10 seconds or more) is required to hide the jitter, and sometimes the neighbors start seeding something on BitTorrent and the stream will still cut out.
Plus there are a lot of contingencies that require an increasingly complex technical solution. First you have to deal with whatever router configuration / NAT is present. And sometimes your friend's IP changes, and you're stuck setting up dynamic DNS or a reverse proxy.
The Broadway box was generally panned in reviews for not including a workaround for these networking issues, and I suspect the technical complexity of friend-to-friend streaming is why TV broadcasters have never been worried about it in the past. IPv6 will hopefully help solve the addressing and NAT issues, but the generally awful quality of US home connections remains a big problem.