I have 6 ATSC tuners running off the same Channelmaster 4228 antenna... As long as your antenna is good enough (has a strong enough signal) to survive the split(s), you'll be OK. Each split lowers the signal - that value will be printed on the splitter itself...
MS Vista Ult x64 * Mitsubishi HC5500 1080p projector * Gigabyte GA-MA78GM-S2H mATX MB w/HD3200 IGP * AMD Phenom 9550 * 4GB RAM * 300GB + 500GB SATA * LG GGC-H20L BD + DVD/RW * PVR-150 NTSC * DVICO FusionHDTV3-T Gold + HDTV5 Gold USB ATSC tuners