I first saw this device over on Engadget.com and read the full story (translated) from Gizmos.
It’s a media streamer with some impressive capabilities, and rather good looking to boot. The translation leads me to believe it will support MPEG-2, MPEG-4, XviD and H.264, even the elusive MKV containers. With built-in Wifi, ethernet, 2 digital TV tuners, USB ports, SD card reader, NFS support, and a removeable hard drive, this sounds like quite an interesting and impressive device.
Now, if they enable the ability to offload recordings onto the MediaSmart Server, I think a lot of us would be very happy!