I don't have any experience with that particular tuner, but I'll try to answer a few of your questions (and feel free to ask/PM me if you need any more help, I'm running a MyHD MDP-130 HDTV tuner on my 2005FPW).
There are two ways to receive your local HDTV channels - the first one is OTA (8VSB modulation), that being the use of an indoor or outdoor antenna to pick up broadcast signals ("over the air"), or QAM 64/256, which is the modulation used for digital/HDTV over cable. If you have cable right now (even basic analog cable), chances are pretty good that you might be able to just plug in your cable line to the tuner and pick up whatever local HD channels the cable company carries - this is because they're the "must carry" channels and are generally left unencrypted. Note that current PC tuners can only do unencrypted QAM, so you won't be getting any encrypted channels like TNT-HD, ESPN-HD, HBO-HD, etc. You can also hook up an antenna and pick up your local signals, depending mainly on your distance to the towers (and a few other factors, depending on your location). Check out
antennaweb.org to get a listing of all the OTA HDTV broadcast channels in your area, and the distances and relative directions of their broadcast towers. Your distance (and which spectrum your local HD channels use; VHF or UHF or both) will be the main determining factors as to what type of antenna would be best, if you go that route.
Edit: Totally forgot about the second part of your question (about the tuner doing wide screen automatically). As far as I know, all HDTV tuners will be able to output a 16:9 widescreen video format (in a variety of resolutions, generally). Note that your monitor is 16:10 and thus you'll either have small black letterboxing bars on the top and bottom of the image (at fullscreen), or you might be able to stretch it a little vertically (this is what I do, but I'm not sure if you can do it with cards that use the video card's output instead of their own).
Edit 2: The tuner you're looking at supports both OTA and QAM, so you'd be able to get your signal either way. Some tuners only do OTA (ATI HDTV Wonder, MyHD MDP-100 and 120). Another one you might want to look at is the DVICO Fusion 5 series (Lite and Gold) - they're generally rated pretty high too, and the Lite can be had for $99.
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