Now that Channel mapping is supported in the internal live TV implementation, I made the switch today from NextPVR. I use QAM for cable so NextPVR was my only option prior to the most recent update. NextPVR always transcoded when I used it, so I always ended up putting the direct stream address from the HDhomerun prime into my player software (MPC-HC) to avoid transcoding. Not the most glamorous solution but my streams remained direct.
To my surprise, Emby's internal implementation is also transcoding live TV streams. Bandwidth is not an issue. Is there a setting somewhere where I can set to prefer direct play?