I went with a Dune Max since it is a prebuilt media player the size of a Blu Ray and it plays every file you throw at it - Blu Ray ISOs, Folder Ripped BDs, MKVs at lossless quality including the DTS-MA or TrueHD sound track, and the list goes on and on but I'll mostly rip my BDs and DVDs to ISO and play them that way. It also has bit-torrent built in for direct overnight downloading of episodes that my DVRs missed for one reason or another and it can surf the web. There is a bay for up to two expansion cards that will allow adding a cable, terrestrial or satellite card should I choose in the future. A bit expensive at $500 but I like that it is pretty much plug and play and has a small foot print that will easily slide into my home entertainment center.
It has a Blu Ray drive built in, so I'll move my current blu ray and put the Dune Max. The Dune Max can hold one 2tb drive, so I am building an unraid server to give it unlimited storage.
The one negative is the out of the box interface is not that pretty but Zappiti can be installed to it giving it a very slick interface.