Western digital better known for their top quality hard drives, came out with a very good product, the wester digital TV HD media player.

Its basically a media player to which you connect your external hard drives / portable USB hard drives and you can play multimedia content like Movies, music and even see pictures .

It supports multiple video formats, you can even watch bluray movies (and of course you can watch your DVD rips ) on your LCD TV . You can connect to your TV via HDMI, which will give you the best possible picture quality. Its got an optical out so that you can connect it to your existing home theater for 5.1 ch surround sound (not too sure about 7.1ch, dont think it can).

It has a black piano finish, which is not the best thing as it attracts a lot of dust and is a finger print magnet. At $120 (but found at just $99 on many stores like newegg). There is another variant called the Wester Digital Live HD player, which also features Ethernet connectivity. That costs around $140 (but is on sale in many stores for $120).Both come with a very useful remote control.

Now, these costs are fine, but you also need an external/portable USB hard drive if you already do not own one. WD did provide a $20 off on their pass port series external HDDs, dont know if that offer is still valid.

The price in india is Rs 6300 for the standard HD model and Rs 8500 for the live version.