The Popcorn Hour is a surprisingly robust little network media streamer that does pretty much everything you could want a set-top box to do. In addition to streaming from your home network, attached USB storage or the internet, you can set it up to download torrents directly to an attached hard drive.
It looks like it can handle pretty much everything you throw at it, handling nearly every major codec and network protocol. It's got a bevy of connections, including HDMI out, component out and S/PDIF coax digital audio out (although no gigabit Ethernet and no built-in WiFi is a definite drawback). For a mere US$180, it looks like it could be a great AppleTV alternative for people who don't mind their products coming a little cheap and with a few quirks. [Product Page via Boing Boing Gadgets]