I think a lot of us have these exact same questions. There's *some* info on the FAQ page, but a User Guide is definitely needed. I have no idea what the "eye" icon is either. And I'm still trying to figure out the differences between Tune In, Favorite, Add to Watchlist, star ratings, etc.. I've invested at least an hour looking for answers and reading help pages -- but it still seems like there's a lot of overlap/redundancy among those things.
There are several things that I really like about this app, so I'm going to give it another week before switching to something else. Hopefully someone at BuddyTV is aware of the confusion.