This will be my next media server. I switched to internet only services and canceled cable, satellite, telephone. What is needed is a 4 hour APU/UPS to power the modem, router, phone box, portable phone base and other low power devices. POTS phone works during power outages and that is a feature not a bug. I don't know if someone has already solved that in an elegant way, but Apple could certainly do it with a specialized device or an accessory to one of its boxes such as ATV, TM, or others.
BTW the monthly savings so far exceed $200. I just have to figure how to get untethered HBO. You know, without using someone else's code for HBOGO.
Rocketman
I've been talking about this for several months! I think this may be the last year of NFL/Superfan with DTV and if so, we may "cut the cord" too. We've got a few boxes doing some media server duties, but I'd still like to pick up a Mini for a dedicated iTunes server (plus doing some background download services).
The problem I can't seem to figure out is near-real-time network/cable shows (Sons of Anarchy, Walking Dead, etc.) without going through alternative means, getting them a season late or paying too much.
FWIW, I've got a 2500VA UPS on our network gear (also on the main TV/media rack)