I just installed Win 7 Home 64 bit on my HTPC today. Everything played pretty well in Vista 32 bit Ultimate (with 2008 TV pack) except using the TV guide (which was slow and buggy). I heard Win7 fixed those problems so I bought a Samsung 1 TB Ecogreen drive (5400 RPM) and did a fresh install.
After all the drivers I noticed I couldn't play any HD programing from recordings without things getting messed up (slow play, scrambled picture, just like you described above). I could watch HD TV just fine through my tuner card (Avermedia M780) but couldn't play recorded HD programing without terrible video playback. I thought it must be my slower drive since the exact same hardware worked fine before. But I played the HD files on my other computer and it played flawlessly over the network, so I figured it couldn't be the hard drive.
Then I realized I installed the ATI video driver, but then did an update to the video driver and ATI control panel via the full package install on their website. So I went back and completely uninstalled the ATI control panel and all ATI programs displaying in the Remove Program list and rebooted. VIOLA! It fixed it and now the performance is much better. Guide working much smoother now and HD play back is working perfectly. I can even cruize through the guide while HD program is playing (which I couldn't do with 2008 TV pack on Vista)! YES, Win7 did fix this! (Now, if only my internet was faster - only 768 down - so it didn't slow down the guide while loading pictures into the guide. Nice feature as long as you have a fast internet connection - faster than 768 down).
The driver for my on board ATI Radeon HD 3200 is still there, just not the control panel. So I think installing the video driver, then adding the full ATI package (driver and control panel) messed things up and caused Win7 Media Center to foul up HD recordings.
So perhaps try uninstalling any and all ATI control panel programs first. If that doesn't help then try completely uninstalling all ATI and video drivers and see if that helps. It seems like it's never a good idea to install a video driver or ATI control panel over an existing driver.
Think back to when you did the installs, did you install anything more than once? Or install a driver over an old driver - instead of removing it and adding a new one? Sometimes this can cause problems too. I hope this gives you some ideas of other things to try. Good luck! And remember, if trying these things don't work, just remember the next best (although totally irritating!) solution - reinstall. Yes, I know you just did a clean install, but if these things don't work you might as well try it one more time. Trust me, Win7 works great and will be worth the extra 45 minutes to reinstall.