I just got an EyeTV Hybrid.
When doing my research beforehand, there was conflicting information:
http://faq.elgato.com/index.php/faq/more/446/ says the EyeTV Hybrid can’t pause/rewind analog tv.
http://faq.elgato.com/index.php/faq/more/601/ suggests it can.
The latter FAQ entry is more recent, so it figured it should work, but I wasn’t 100 % sure since the FAQ entries use different terms (“pause analog tv” vs “timeshift”).
This blog post is just to tell the Google that yes, the EyeTV Hybrid can pause and rewind analog tv if you check a box in the software preferences.