Probably the Point of View ION-MB230 which can be had for about £90 quid although personally I'd pay the extra £10-20 for the 330 version. It's atom 230, nvidia ion and also has a pci express slot.
the cpu wouldn't but the gpu can, the ion is basically a geforce 9400 which has full dxva support in win7, h264 is natievely decded when used something like powerdvd (blu ray) and it's supported by flash 10.1 when it comes out with gpu acceleration
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