Depends. Generally making a recording for purposes of time shifting is ok, which means you can record it, watch it later, and then delete the recording. Recording for archival purposes is generally not ok, but it's not like anyone is ever going to enforce that, so who cares really.
It is legal to keep the copy to view many times. It is even legal to make and distribute additional physical copies (copy on a physical object such as vhs tape, dvd, thumb-drive, etc) but not distribute via a peer to peer network (i.e. websites, email, ftp site, etc) as long as you are not profiting from it.
Pretty sure that recording it off TV, making 100 copies and giving them to all your friends isn't "fair use".
I googled it a bit and found this: http://info.legalzoom.com/copyright-...vds-26277.html
Limitations
When it comes to transferring a TV recording to a DVD, how you plan to use the DVD will largely determine whether it is fair use. By permitting TV recording under the fair use doctrine, the Supreme Court did not intend for people to create libraries of recordings, which could prevent the copyright holder from rightfully profiting from her work. For example, giving a recorded DVD to another person is copyright infringement. Publicly showing a recorded program without the copyright owner's permission -- for example, without "the express written consent of the Commissioner of Baseball" -- is also illegal.
Probably Allowable
Simply owning a DVD of a TV program that you recorded is not inherently illegal. Time-shifting permits such copies. Under digital rights management licenses, you are also allowed to keep back-ups of movies and music that you buy. If you are writing a review or a paper on a TV program, you may also record and use the recording -- to a limited extent -- in your work. A good rule is this: if you are recording a TV program for any reason other than to watch it later and delete it, consult with an attorney. It's better to be safe than fined. Or jailed.
Taken to that extreme you are likely correct. But giving to a friend or two would likely be fine.
There is no single definition of "fair use." There are only guidelines and every situation would have to be litigated to determine whether "fair use" was followed. It's almost as if "fair use" is meant to be fair use.