I guess I would just use an extender. But that's just me.But, but, but, what about managed copy?
Cuz don't everyone want a loud, big, hot PC next to their TV instead of CE player?
Of course, since the PS3 isn't out yet, it does all things for all people far more better then any other product.
(Though, I'll be honest: my HTPC is actually fairly quiet, except for the DVD drive which is annoyingly loud, especially in movie playback. I ended up sticking it on the other side of the wall where the TV was. This actually worked really well.)