I came across this nice step by step instruction to
fully setup the second generation Intel NUC (Haswell). The article also contains some benchmarks.
This has the Core i5-4250U (used in Ultrabooks) with HD5000 which should be more than sufficient for full HD and will even do for light gaming, it has 8GB RAM, dual band Intel wireless, and 180 GB SSD. It also has 4 USB3.0 ports besides HDMI. The best part is that the system idles at under 5 watts, and even under full load, it only consumes 30 watts! And that is with HD5000 graphics which would be equivalent to an entry level nVidia card (but which would consume 50+ watts all by itself).
Raghav, sorry I think this will be above your budget as it comes to $675 (40k?) which really is the bummer in the whole deal.
Like I said, if you are willing to wait a few months, you can get the Baytrail NUC with about half the performance which would save you about 15k I guess.
Or you can go the AMD route which offers the best value for money - but the big problem is finding the right energy efficient one if you really want a very small cabinet.
Yet another option is an Android based solution. Consider it as it is really inexpensive and offers even better value for money. Only limitation would be that you will be limited to the Android app store and will not be able to use Windows apps. However, Android has quite a few apps for audio and video streaming playback.
Consider the
Minix NEO X7 for example. It has dual band wifi, 2GB RAM, 16GB storage inbuilt, and also has numerous USB ports, HDMI, and even optical out. It only costs $150, and the younger brother, the X5 (which I have) costs close to $100. It comes with Android pre-installed out of the box and is completely hassle free to get started with.