Ok, it's like this. Firstly the number of tuners in the receiver. Secondly, the polarisation and 22kHz switching.
I'll deal with the polarisation first. The LNB fixed to your dish has two antennas in it, one with horizontal and the other with vertical polarisation. Alternate frequencies on the satellite tend to alternate in polarisation providing natural interference suppression between frequencies. The switching between horizontal and vertical is done by the voltage supplied to the LNB. So if you have one coax supplying one voltage, you can only then at the same time receive the channels which use the same polarisation (approx half of them).
On top of this, the satellite band is divided into two "bands", high and low. The band to be downconverted is switched using a 22kHz tone. If you have one coax, you'll only be able to receive the channels in the same band, either the lower frequencies or the higher ones.
Each frequency will be a "transponder". This can broadcast a number of channels depending on the bandwidth used for each (in the bit rate sense of the word).
If you only have one tuner, you can only tune into one frequency at a time. You may, if the receiver will allow it, be able to receive two channels on the same transponder, recording one and watching the other, but that's very restrictive as unless it's within the same group of 2, 4, 6, 8, whatever channels, then you're out of luck. If you have dual tuners, you will be able to tune into two transponders at the same time.
So two tuners, one coax, you may, if they both receive on the same coax, be able to get a quarter of the channels, recording one, watching the other, but they have to be on the same polarisation and in the same part of the band.
If you have the two tuner/two coax set up, with an appropriate multiple LNB, then you can have both polarisations and bands at the same time, so the world's your oyster for your "record one, watch one".
Some receivers go one further and that with two tuners, you can also record another couple of channels if they're on the same transponders as you're tuned to.
As for ascertaining which is on what transponder...they're listed under frequency. Anything on the same frequency will be received as above. The letter H or V after the frequency says whether it's horizontal or vertical polarisation.
http://en.kingofsat.net/pos-28.2E.php