You're list looks good to me. If you truly want to save some money, you could drop to a dual core CPU since you said encoding and gaming are not intended.
Also, why don't you use the motherboard video? Can you define "no intense gaming"?
That would save you another $75, not to mention heat. If you need the card to bitstream HD audio, just change your build to an Intel setup with a Clarkdale CPU. If you have some games you want to play, you may want to step the card up a bit since you might be running at a fairly high rez. Is your TV 720p or 1080p?
Thanks for your response! My TV is a 1080p. What I meant by "no intense gaming" is that I would not be playing graphics intense games like Medal of Honor, etc. I may play some basic web-based games. So I may take your advice to step back the CPU to a dual-core. I don't think I need to bitstream HD audio; the audio is just going to my TV.
I'd love to not have to buy an additional video card, if I can be sure that the motherboard video/CPU alone could handle BluRay and other HD video, and if the motherboard has an HDMI output. I think the motherboard I selected doesn't have that. But if I change to this MOBO it should solve that problem, right?
Have you looked into getting an Core i3 and use the embedded graphics on it. It has like a 750Mhz GPU, and it with some good DDR3 memory you should easily crank out some 1080p videos. I have put together an 1TB Core i3 build with an HDMI out, for like $450.
I think you should definitely start out with the on-board GPU and then see how it goes. Even the HD3200 on my older 780G system handles HD video with no problem. The exception would be if you need Dolby TrueHD/DTS Master Audio bitstreaming over HDMI right now.
As for a PSU, even with the 350W you'll be able to run up to a HD5670 if you don't have too many cards/HDDs going on in there. I'd shop prices between the Seasonic 350W, the Antec 380W/430W and the Corsair 400W -- all are very good. NewEgg is running a special on the Antec EA430D - $34.99 AR with free shipping.
This is nice case (I got one for myself this week) that comes with a 350W 80+ PSU:
Antec MicroFusion Remote 350 Micro ATX Media Center / HTPC Case http://www.amazon.com/Slim-Media-Center-Pc-Case/dp/B001...
$89.99 + free shipping (this is an amazing price for this -- it's usually well over $100)
Otherwise, I think the rest of your build looks fine.
We need an idea as to how you will handle your audio.
AsRock makes good stuff BUT I would suggest the Asus M4A785TD-M EVO noted above. It will sleep at 2-3w and boot in a matter of seconds -- not sure how well the AsRock handles sleep states.
My M4A785TD sleeps for days (weeks!) at a time. The integrated Radeon HD 4200 graphics will stream your video fine -- just make sure to install the Avivo UVD2 decoder for IGP hardware acceleration to reduce CPU utilization.
I hate to keep pounding you with *specs* but the IGP 4200 will handle h.264 (your Bluray) and VC-1 (your Netflix) -- UVD2 also does PiP IIRC. And just so you are not surprised, Netflix streams are only in stereo - didn't know if you were aware of that.
I pass my audio through the 'analog-outs' on the mobo to my receiver -- video directly to the screen. Works like a champ and sounds great.