I don't like the idea of putting the content on a device that's attached to the PC. I consider the PC device to be an edge device and I want all the media on the core of my network.
I prefer a media server like the HP EX series. It's in a storage area hanging off my router via a Gig-E link. Then everything else (PCs, HTPC, phones, iPad, etc) access the content in that manner. Plus the server sips energy and is always available when I need to access my data.
I'm actually getting better at keeping ALL my data on the server, which has the benefit of making PC swaps, changes, etc easier.