Low Power Server with good performance and memory

I need a new home server. I'm currently running an older IBM x3250 server, but want something that uses less electricty and can handle more memory. The server functions as a file server with approximately 12TB of space. I serve mostly media from the server and it runs 8 KVM virtual machines that do various tasks (mythtv, upnp, squeezebox, vpn, firewall, etc). I use two external 4 Bay E-Sata enclosures for my storage. I run Proxmox VE which is a bare metal OS based upon Debian Sarge. System sits idle much of time except when commercial flagging for Mythtv or encoding form HD Mpeg2 to HD h.264. Looking to move to more of a desktop setup that uses less electricity but still has some CPU power when needed. Server functions as mythbackend only, not a mythfrontend.

Approximate Purchase Date: e.g.: Next month or so

Budget Range: 300-400

System Usage from Most to Least Important: Low power usage (50 W or so when idle), abiility to do reasonably fast h.264 encoding (doesnt have to be on the fly)

Are you buying a monitor: No

Parts to Upgrade: Case, motherboard, memory, power supply

Do you need to buy OS: No

Preferred Website(s) for Parts: newegg, amazon, frys

Location: Northern California

Parts Preferences: Dont care

Overclocking: No

SLI or Crossfire: No, this is a server

Your Monitor Resolution: 1280x1024 video is unimportant

Additional Comments:

Server will be running Proxmox VE, based on Debian Sarge
Must be 64-bit and support Intel-VT or AMD-V
Would like support up to 32GB of ram (will start with 8 initially)
On-board video is fine.
Must have 2 external E-sata (or must have room for one pci-express card)
E-Sata must support port multiplier under debian sarge.
Form factor not very important (m-atx preferred probably)
Does not have to be silent, it is in a closet.

And Most Importantly, Why Are You Upgrading: Upgrading to get more memory and lower power usage.

Thanks for the help!
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More about power server good performance memory
  1. What do you need HDD wise? Also; how do I know if (I assume) the mobo supports port multiplier? Will any recent mobo support it?
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