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It is certainly possible. The question for video streaming is whether you are getting full speed out of your G network. If you are, yes, if not you may have to run an ethernet cable or upgrade to a N wireless network.

Apart from the unlimited disk space, the MacMini's advantages include being able to use it as a DVR, via EyeTV hardware/software (that's a huge application for me -- and it plays the native 1080i content which aTV can't). It also plays MPEG2 (such as DVDs) without having to convert them...