I think home theater PCs may not have really arrived yet, and if they have it is probably subject to earlier obsolescence than other parts of the A/V system, just like PCs in general get obsolete.
What would get obsolete? My five year old dual AMD 1.4GHz 3GB RAM server is even overkill for what I do. The difference is I'm running Linux rather than Microsoft's hog of operating systems, but even running Microsoft garbage a reasonable PC would be fine for years to come serving as a multimedia PC. It's not going to be running Photoshop, SolidWorks, ProE, and stuff like that.
It should be a barebones computer, and ideally have a low-overhead operating system.
I'm a two channel guy (not by choice, but by space
), and I use my a computer to watch regular DVDs, HD movies, play locally hosted music, play streaming music, manage my iPod, among other things. I used to use it as a DVR also, until Comcast started including it with their digital cable. Truthfully, I prefer the DVR functionality of my computer rather than to the cable box, I might switch back to running my cable through my computer again rather than the box. Memory is so cheap now days you can load you're entire DVD collection to a computer, even HD/Blu-Rays and use a RAID card for backup, or burn backups. My PC is connected to my LCD TV, which doubles as my second monitor. I run Ubuntu Linux Studio:
http://ubuntustudio.org/ ... and use all open-source software, so, my software costs are ZERO.
Granted, it's not for everyone, and audio/video purists would probably think it would introduce all kinds of problems, but, it's certainly a pretty future-proof solution I've found.
I mentioned it is because jared mentioned his computer stuff in another thread, so, I figured a project like that might peak his interest and would be worth checking out.