Will an ams e350 work well as a htpc

Got my hands on an msi based e350 mobo/cpu combo. All i need is a cheap case with a power supply and a cheap bluray drive. I could do ubuntu since its free and i already have a 2gb stick of 1333 ddr3 ram.

Would this little setup make for a decent htpc as an alternative to a common bluray player? All im going to use it for is bluray playback, netflix, youtube and light surfing.