Since Freevo, MyHTPC, MythTV and the multiple flavors of Xbox media players are clearly not enough, the world has ensured we have a PlayStation 2 alternative (Via Gizmodo):
Given that the PlayStation 2 is both cheaper and around ten times more silent than the Xbox, this looks like a killer application. I already have the Broadband Adapter, and would definetly add the Media Player to my shopping list if my SliMP3 wasn't a far better way to enjoy my music (it doesn't require a big, buzzing TV set to operate). Movie fans, however, will go ape.