I'm pretty sure this doesn't fit here as you want live video (probably slingcatcher or something, but it's quite costly) but I just got a WDTV Live and it is suh-weet. It plays just about any format out there and it is rather affordable. Plug and play as they come. I guess if someone is doing a search on the forums and ends up in this thread, then I'd like to say: WDTV Live= highly recommended.
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Let's go Mavs!
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