I don't particularly care about having to run iTunes in the background 24/7. I doubt I am the only one.
I also don't feel I should have to convert all my legacy media just so I can import it to iTunes, which then has to run 24/7, so that I can watch something on my ATV. I did, but I did not like it.
At this point I just want a device that can collect for UI, and play back:
1) iTunes content from any device - including NAS - on the network;
2) my MKV collection (all 100% legal, from disks I own) on my NAS;
3) my eyeTV recordings (the "transport" version of MPG2, I think) sitting on a NAS or sitting on a computer with eyeTV running to serve it up.
I don't also want to have to run a PLEX process somewhere to do transcoding. That just leads to all kinds of problems.
This is so very possible, if Apple would just allow for a flexible and open CODEC plug-in architecture. Don't assume I'm a pirate, or won't buy content from the iTunes Store just because I have content from other legal sources!