Not sure if this has been mentioned... but my el-cheapo DVD player has a USB port on it, and happily plays quite a few formats of Video downloaded by torrent. I use a 320GB portable DVD drive to store them on. the menu system is very basic, however it works just fine. It's also HDMI capable, so if u download HD movies it should be cool.. never ceases to amaze me both the trash and treasure you can get for $300HK.

I was going to buy one of those WD media players as I saw one in operation in Sydney, and they're much cheaper here, however on one of those eureka moments I tried my HDD on the DVD player and haven't been bothered to get anything "better" since.

videoseed sounds like it is worth a look, thanks gilles