I continue to love my Acer Aspire X3200 as a wonderfully tiny, low power sipping, extremely affordable all-in-one HTPC solution. There's something to be said for going out and buying exactly what you need instead of hobbling together a Frankenstein solution from spare parts.
Unfortunately, one of the features missing from the last-gen of Aspire X3200s was Blu-Ray. It didn't bother me too much since I only have marginal interest in Blu-Ray, but I would have been delighted if Acer had included it.
Looks like I bought my X3200 a month too early, then. Acer has just announced that they are upgrading the X3200 with a 2.1GHz AMD Phenom X3 processor, 4GB RAM, a 640GB hard drive and a built-in Blu Ray drive for $680. That's a fantastic upgrade. If you need a home theater PC, get this one.
Acer AX3200 Desktop PC [Slashgear]