It's not much more than a hard drive with HD media playback abilities, but the Packard Bell Studio ST certainly looks nice, doesn't it? It's Europe-only for now, but we're hoping parent company Acer brings over a US-branded version of this box, which holds up to a 2TB hard drive and can do 1080p out over HDMI with Dolby Digital. Codec support is described as "all main formats," which is a little shady, but we'll be forgiving if it's cheaper than the Western Digital WD TV Live HD.
[Thanks, Matt]