A budget HTPC (Home theater PC) sounds like the go, I own a 42" LED tv and dont even watch digital TV, I have about 5000GB/5TB of stuff to watch all for free, I dont even have a DVD/BLU-RAY player or even a disc drive in my HTPC, I am sitting on my lounge typing this reply and can watch just about anything I want & do all my basic PC tasks (Email / Ebay etc etc) sitting on the lounge
A PC connected to your TV should give you all the options you need, Keep it simple, You can build up a HTPC & collect parts over time (depending on your budget?) & as long as the motherboard is modern you can upgrade to better parts like RAM, graphics & even the CPU later on
If you dont have a big budget like me then maybe use my motto "TIME IS MONEY & I HAVE PLENTY OF TIME"
Waiting longer for good parts will give you a better system in the long run, It took me nearly 6 months to collect the bits for my last build, Checkout some of the HTPC builds in here
MSI 990FXA-GD80 BIOS V11.8 : MSI N550GTX-Ti-M2D1GD5/OC : AMD FX-6100 RUNNING @ 18x 3600MHz: CORSAIR H60 COOLER : CORSAIR GT 60GB SSD : CORSAIR VENGEANCE 2x4GB :LOGITECH MK550 : LOGITECH C210 CAM : LOGITECH DRIVING FORCE GT STEERING WHEEL connected to a Pioneer VSX-521-K via SPDIF (Awesome Surround sound) and 42" LED TV
MSI K9N DIAMOND BIOS 1.9 : MSI N260GTX-T2D896-OC/V4: AMD X2 6000+ WINDSOR 89W :WINDOWS 7 64BIT : CREATIVE SOUNDBLASTER X-FI EXTREME AUDIO PCI-E : 4X2GB DUAL CHANNEL CORSAIR GAMING RAM CGM2X2G800 (ALL PURCHASED SEPARATELY) : 1.5TB SEAGATE SATAII + 2TB EXTERNAL : CORSAIR TX750W PSU : ACHILLES DRAGON CASE
MSI K8N SLI PLATINUM : MSI NX8600GT 512MB : AMD 3000+ VENICE : WIN 7 64BIT : CREATIVE OB AUDIO : 2x1GB CORSAIR RAM : 250GB MAXTOR