Absolutely.
I am in the process of completely building a new one from scratch to get back to current.
(Unemployment/ near homelessness makes it hard to stay current. Or to game at all)
The case, psu and video card are on the way right now. I'm going to put that together with an old CeleronD board for proof of concept stuff with the video card. Next chunk will be the board, processor and memory. Then I'll buy the SSD+Win7.
So within 60 days, I hope to have:
Core i7 980
12 GB Memory
Rampage III Extreme system board
CoolerMaster HAF X Chassis
CoolerMaster 1200 W PSU
5970 Video card to drive three LCDs as I've wanted to do WIDEscreen gaming for years.
Haven't decided on the SSD yet, leaning OCZ at the moment. Until a decent RAID card comes out that handles TRIM, I'll stick with one drive.
I use my Mini for all of my daily driving, listening to music, email, browsing, blowing cash on PC components, etc.
The gaming rig will be lit up for specific purposes such as blowing weekends when the weather is completely unmanageable.

Once it's up and running, I can get back into playing with the guys I used to work with.
All of my files are on the Linux server I built, so I can afford to have minimal local storage in both systems. However, I am toying with throwing a couple TB in the gamer to be an initial backup of my file server in case of a catastrophic failure. I'm paring down the old crap that I've saved so that my offsite backups will be quicker and easier to maintain.