It looks like the time is now. We blogged about the Sony Vaio TP1 as an option for a stylish living room PC. It wasn't available at the time but according to c|net it has quietly become available. Specs wise, everything that was originally promised appears to still be there, with frequently accessed ports intelligently located behind the front sliding panel. Although it is being pitched as a living room PC, this is by no means a standalone media center. For casual computer use in your living room however, this setup should do the trick.
Available here for $1599.