spankuh :
Thanks for the info! Yes, this will be up 24/7. Do you have a suggestion on a CPU/Mboard/case combo?
I'm assuming your budget is ~$600 as that's what your original build was around. What are your expansion requirements and does it have to be small?
I would go with the smallest matx case i could find, a supermicro motherboard, a xeon CPU, ECC memory + PSU.That's if you actually need server functionality like IPMI, hyperthreading and ECC RAM.
If you pay for your own electricity i would check the cost per kwh and figure out whether a platinum PSU over the time frame you own the computer is worth it. This website could help
http://www.eia.gov/electricity/monthly/epm_table_grapher.cfm?t=epmt_5_6_a
PC part picker sadly doesn't have server parts on it so i'm just going from newegg.
Case: (this supports standard ATX PSU's, there are some other even small matx cases, but they only have flexatx PSU's) If size really isn't an issue i'd go for a tower case and hide it away, they're really cheap.
http://www.newegg.com/Product/Product.aspx?Item=N82E16811163174
FIRST CPU/RAM/MOBO combo
CPU: (the IVB model you selected is a little cheaper if you need to save the money, you'd have to find an 1155 motherboard though)
http://www.newegg.com/Product/Product.aspx?Item=N82E16819116906
Motherboard:
http://www.newegg.com/Product/Product.aspx?Item=N82E16813182819
RAM: (i only went one stick, but 2 sticks is like $1 extra, plus you have expansion later)
http://www.newegg.com/Product/Product.aspx?Item=N82E16820239672
Haswell Xeon CPU+MOBO+RAM = 470 (going IVB saves $40)
Honestly if this is just a home application and uptime isn't critical this is overkill, i doubt you'd need a lot more encoding power, a xeon is a cheap way to get hyperthreading if you're not going to overclock. I'm unsure about the undervolting and underclocking capabilities of the xeons as well, you could make a very low power system that way.
I'd just go for the cheapest quad core haswell i could find. Here's the cheapest build i could come up with (a platinum PSU costs ~$25 more than a gold PSU, could be worth it):
PCPartPicker part list /
Price breakdown by merchant /
Benchmarks
CPU: Intel Core i5-4430 3.0GHz Quad-Core Processor ($174.99 @ Amazon)
Motherboard: ASRock H87M Pro4 Micro ATX LGA1150 Motherboard ($74.99 @ Microcenter)
Memory: Corsair Vengeance LP 8GB (1 x 8GB) DDR3-1600 Memory ($44.99 @ Newegg)
Storage: Kingston SSDNow V200 Series 64GB 2.5" Solid State Disk ($52.99 @ Newegg)
Case: Silverstone ML03B HTPC Case ($58.99 @ NCIX US)
Power Supply: SeaSonic 450W 80 PLUS Gold Certified ATX12V / EPS12V Power Supply ($67.74 @ Newegg)
Total: $474.69
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2013-08-29 22:12 EDT-0400)