Hmm, a cheap PC isn't as low power, usually not as quiet, sleek, software not as finished, even a cheap PC isn't as cheap given the fact the PS3 has HDMI out and a Bllu-Ray
The PS3 is not particular low power at 380 Watts, just add a £50 Blu Ray drive to a £200 small form factor PC with a £3 DVI -> HDMI converter. Software is as cheap as you want it with open source choices and 120mm fans are as quiet as the PS3.
The PS3 is probably the better choice for simplicity but the PC option is nowhere near as bad as your making it out to be.
I just googled "PS3 Watt" and the first 4 links said 380 Watts but that could easily be wrong.
Parts used:
Shuttle KPC K45
Intel E2200 2.2GHz Pentium Dual-Core Desktop Processor
Cooler Master Hyper TX2 CPU Cooler
2GB RAM (Corsair TWIN2X2048-6400C4)
120GB 2.5" Laptop Hard Drive (Western Digital WD1200BEVS-22UST0)
Nexus Real Silent 92mm Fan (Rear Exhaust)
Nexus Real Silent 80mm Fan (PSU Exhaust)
Noctua Ultra Low Noise Adaptor on 92mm fan
CPU Duct created with Plastic from DVD cases
Stretch Magic 1.8mm used for hard drive suspension
Self-stick vinyl tile used for case panel dampening
Acousti-Pack used for noise absorption (leftovers from my P182 install)
Black wire fan grill and black 80mm fan gasket
E-SATA Connector from Gigabyte PCI bracket
Extra northbridge heatsink, mounted on top of existing northbridge heatsink.
Radio Shack Nibbler used to cut all metal panels as needed
Watts Idle: 40
Watts Load: 82
Cheers Streeteh, during DVD upscaling doesn't the PS3 run at 100% load?

Hmm, is it possible to have a small formfactor PC that accepts commands from a remote?
I particularily like the idea of PS3's bluetooth remote - means I can control the music whilst on my patio![]()