I spent the bulk of last weekend researching a similar issue. I bought my mini with the integrated tuner and have been experiencing the same under-performance issue that you've described.
You basically have to configure MCE7 to use a different codec. The MS codec is just not optimized for TV viewing on a netbook. I am going to post a much more detailed guide on how to do this but for now here are the 'meaty' details on how you can accomplish the codec replacement.
1. Download and install the PowerDVD 9 Trial
here
2. Execute the program once and check that "Hardware Acceleration" is enabled in the settings as shown in the attached picture.
3. Download and install the Shark007 codec pack
here
4. Download and run the Media Center Decode Utility
here
5. Adjust your MCDU settings to mimic those shown in the attached image.
Run Media Center 7 and see if you see any improvement. I am really enjoying my Live TV experience more now. Very few frames are dropped after this migration to the Cyberlink codec (at the HD resolution of 1366x768). I was able to concurrently enjoy two live HD sporting events this weekend using my mini connected to a 24" monitor (1366x768 resolution). Recorded HD media played fantastically well using media center as well. Overall I am quite happy... and no more "blackouts" during viewing.