I remember WinBook back from pre-Windows 95 days offering value priced laptops.  Looks like they are being quite aggressive in this market.  I had the good fortune of seeing this living room form factor Media Center PC this morning -- very nice, and with room for expansion (at least 3 PCI slots were free).

http://www.winbook.com/ad_dest/wsj.html

30" Wide Screen LCD-TV
• HD-Ready
• HD Tuner required for HDTV reception (Not Included)
• 1280 x 768 WXGA resolution
 • 15:9 Wide-Screen Aspect Ratio
• Ultrathin 4.25" deep without base
• 33.51 lbs.
• 600:1 Contrast Ratio
• Wide, 170° viewing angle
• Built-in Speakers (10W + 10W)
• Picture in Picture (PIP)
• Closed Captioning
• Removable base with VESA Compliant Mounting points
• Composite, Component & S-Video Input Ports
• Ports are conveniently located on both sides

PowerSpec® MCE 410
 • Intel® Pentium® 4 Processor 530 with HT Technology
(3GHz, 800MHz FSB, 1MB Cache)
• Windows® XP Media Center Edition 2005
• 512MB PC3200 DDR RAM
• 160 GB SATA Hard Drive
• 16X Dual Layer DVD±R/RW Burner
• ATI Radeon X300LS with 64MB DDR SDRAM
• NTSC TV tuner with pause, replay & programmable
record capabilities, FM Tuner
• 7 in 1 Media Card Reader
• Wireless Remote
• Keyboard & Mouse
• 1 Year On-Site Warranty