I've ditched my satellite television plan in favor of a Roku player and a Popcorn Hour Box. The Roku is for Netflix's Instant Watch ($8.99) and Hulu Plus ($7.99). The PHB is for watching offline stuff, like ripped DVDs, streamed off of my PC in the other room. I considered going the media PC route but I have very little space available in my living room and I cannot stand fan noise. Both the Roku and the PHB are fanless and low power.
I've been more than satisfied with the content available and you can't beat the price. The major downside for me is that when my girlfriend is watching television I can't play ping-sensitive online games, despite using IP ToS tagging and traffic shaping tools to prioritize my game packets.