For many years now I've only had a PC, AVR, TV and speakers in my HT.

I can record TV (cable card), play CD's and audio files, play DVD's and BD's (physical or mounted ISO), other video files, home videos, display pictures, etc etc. In fact the only thing I can't do with it is SACD.

I think the audio/video quality of it is great and I just run Media Center (and PowerDVD for BD playback). No sound card, just send the audio over HDMI.