Building a Windows 7 HTPC

"In this How To guide, we’ll explain why the HTPC now makes so much sense, we’ll show you the hardware that goes into our test platform (and how it all fits together), and we’ll walk you through using it with Microsoft’s Windows 7 beta, which should be shipping by the end of the year. Truly, this is the hardware/software configuration for which we've been waiting."

Not to take away from the coolness factor, but I'll be the contrarian here and say that I think the HTPC is overkill except for the most hardcore.  Why?  Things like the Xbox and other Media Center Extenders will give you 90% of the bang for a lot less of the buck.