I built a HTPC as it gives me full control and can be setup to run better than any of the generic boxes (Boxee, roku, etc.)
I have:
-Netflix
-Hulu (Go back & forth on paying for the premium content)
-Over the air (not currently setup as I have been lazy)
Over the air with a proper HD tuner will give you all local channels for free and are 480P quality if not a bit better. Hulu gets me all my premium content and Netflix is streaming movies & Blu-ray. Now I also have a massive library of movies (350-400) in .ISO format on a custom built Windows Home Server. Streaming from the server to the HTPC is super easy. HTPC runs Windows 7 and auto loads into Windows Media Center -> Media Browser (look it up on Google) and when I select a disc to play from the server the HTPC mounts the image file and auto loads PowerDVD 8.
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