I'd say Noise, Looks and Features are all equal considerations for me..
What I don't understand is peoples massive specs for HTPC's..
I have just built a HTPC for the front room
Silverstone LC11 slim case £85
Asus A8N-VM CSM (integrated 6150 graphics) £55
1 Gb PC3200 £37
A64 3200+ £85
160Gb Sata HDD £48
LG DVD Writer £24
Hauppauge Nova-T PCI - £45
Costing a total of £379!!!!
I Run Media Portal, which is free, and is very very flexbile, with good integration of the TV Card.
The A8N-VM-CSM integrated Nvidia 6150 has a lot of hardware video decoding features built in, as it was designed for HTPC, it has a DVI port that has worked flawlessly with my HDCP enabled HDMI ports on my Projector and Plasma.. I think it's a misconception that you need an expensive graphics card, and massive processor, they just generate heat, and need expensive cooling to keep noise down!
I can play 1080i .ts files with only 30% CPU usage, using NVidia Purevideo decoders, but I prefer to use the DScaler 5 with IVTC mod, this gives the best PQ, and even though its softare, 1080i material stil only uses 60% CPU..
I upsample DVD's to 1440 * 1164 and applying some post processing, and it handles this well, certainly makes a huge improvement to PQ!
However, the newer H264 MBAFF stuff is struggling, because it's all slow software decoders only at this time.. however when NVidia sort their Forceware drivers, and we have codecs using the hardware features, I am sure even the 6150 chipset will have enough poke to decode..
Quite honestly though, H264 is a way off yet, 99% of HD material I come accross is WMV and MPEG2 transport streams. If the H264 becomes a necessity, I'll just pop a PCI-E card that hardware accelerates it, possibly that'll be a new graphics card but up until that point, I'd rather save the money..
For storage, I have a file server based on a an A64 3200 and the same Asus Mobo, but it a cheap 10 5.25" bay £45 case, with 10 SATA Caddies, I'm slowly adding 320Gb SATA Drives as and when I need them, all stored in the study.. I use it for downloading/file sharing, running an FTP.. the only real hardwork was running Cat5E Cable to everywhere to ensure I have Gigabit LAN everywhere..