Yes. While you have the most advanced satellite radio on the market (sorry S2 fans you may argue the same) it is a satellite that you are getting the signal from.
I suggest that you purchase an armband to wear the radio if you plan to be active or record overnight and listen to your recordings when it is not in the dock(s).
Don't be discouraged, it can record 5 channels at once, and since the majority of Satellite fans listen in the car or home dock, you are one of the lucky ones that can take it anywhere.
It works best when it has a clear view of the southern sky. (though as reported above, some have a local repeater that makes even this unecessary)