If you are into Super Audio CD's and own the old 60 gb PS3's, then yes. Overall, I would say "no", since the Windows Media Center software is probably the best "10 foot" media manager software ever made, and a port of this is included in the Xbox. It also plays much nicer with a home networking environment, if you want to stream stuff from your Windows PC using workgroups, homegroups, or Active Directory.
That being said, a Home Theater PC with Windows Media Center, a good GPU, XMBC, a 3-D blu-ray player, a nice HTPC case, and a good remote and wireless keyboard/air mouse is the way to go.
It is not much more than an Xbox 1 and you can do everything from use it as a TiVo, hook up classic game controllers and run emulators, stream movies and music, et cetera. For someone with a bit of technical savvy, this is the clear choice. If you want to do it on the cheap and find challenging software configuration fun, then you can even go the Linux route.
