Honestly XBMC rules all. If you are spending close to $200 on a stand alone device. Just get ION/Atom nettop or build a mini itx system. Then get a MCE remote / reciever / blaster.
My dual core n330 (no ion), server doubles as my media player using XBMC. Works great for SD XviD and DVD's.
I built a third system, and lent it to Chagrin. Mini ITX LGA755 Core2Duo, 9400m onboard. Works like a treat at 1080p. He recently purchased a 40" LCD TV. Only snipe, getting audio over HDMI in Linux is no fun, so we use one of the digital audio outputs instead. Picked up a MediaGate MCE2 remote/reciver/blaster. Works out of the box with LIRC installed.
If ya can wait around, XBMC is being ported to some new Sigma SoC's that support OpenGL 2.0.
Also $200 get a Boxee Box by Dlink. Has Netflix support now.
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RollergettesEdit: my ignorance is my downfall.