Above, the newly released Western Digital TV Live Hub ($200) is a 1TB drive paired with media server capabilities. Basically, you load it up with all your multimedia and you'll automatically have the ability to stream to all your set-top boxes, PS3, Xbox 360, and anything else with dLNA support around your house. The fact that the list of formats supported is so broad makes it an even more enticing option:
Video – AVI (Xvid, AVC, MPEG1/2/4), MPG/MPEG, VOB, MKV (h.264, x.264, AVC, MPEG1/2/4, VC-1), TS/TP/M2T (MPEG1/2/4, AVC, VC-1), MP4/MOV (MPEG4, h.264), M2TS, WMV9 Photo – JPEG, GIF, TIF/TIFF, BMP, PNG Audio – MP3, WAV/PCM/LPCM, WMA, AAC, FLAC, MKA, AIF/AIFF, OGG, Dolby Digital, DTS Playlist – PLS, M3U, WPL Subtitle – SRT, ASS, SSA, SUB, SMI
You can read up on a review over at Anandtech.
You can read the full review of at the Washington Post.
Finally, if you're just looking for a DIY route, we recommend grabbing a reliable home media network-attached storage solution with a gigabit port and stringing together a few hard drives. Just make sure you check all the file formats supported. We still cringe at companies who still manage to fail at supporting all the modern major video and audio formats today.