Get yourself a NAS that you dump all your media on, and a WDTV Live for your TV.
Having a NAS means you don't have to leave a computer on all the time. Also a great place to backup all your machines, and store any files that you might want to access on all computers in your house (if you have more than one).
I personally use an XBox 360 in my living room to stream from the NAS, and a WDTV Live for my bedroom. The WDTV was ~$130, uses less power, and comes up quicker than the xbox. It's also very small so I can hide it behind my wall mounted TV. It works with lots of wireless USB adapters.
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